There is no wretched sight than an older person who is hungry and broke. When people ask, “how soon should we plan our retirement?” The only answer should be, “yesterday!”
But people do not think about their life after they hit 65. They assume that everything will work out in the end. Some people delay their plans because they are laid-back. Planning their retirement seems like staring mortality in the face.
Also, planning your retirement can be very overwhelming. People do not know where to start, even if they wanted to.
This is where a retirement planning software app can help you.
What is Retirement Planning Software?
Before the advent of retirement planning software apps, people turned to financial managers and financial planners to plan their 401K.
These financial planners don’t come cheap since they charge per hour. With the proprietary software, you can download the app from the vendor site. You may pay a small fee or none at all. But the important thing is you can use it every time you want.
The retirement planning software will help you address the following questions:
- At what age can you retire?
- At what point can you take your Social Security?
- What type of financial portfolio should be right for you?
- How much can you spend during your retirement?
- How much should you allocate for medical expenses during your old age?
- Will your loved ones be taken care of when you get sick or die?
Factors to Look at When Choosing Retirement Planning Apps
- The software should give you split-second computations when you input the amount of savings. If you put it $500 in savings per month, for example, you will immediately see your expected total upon retirement.
- Compute the earliest age when you can retire. Most people do not want to retire at senior age when they could no longer enjoy their money. With sound investments, you can retire when you’re still young enough to travel around the world if that’s your plan.
- Shows options when you want to explore investing in various financial portfolios. The options will also show risk-scenarios so you can plan for the worst.
- Financial advisors trust it. If professionals use the product for their business, chances are, it must be good.
- Mobile accessibility. The feature will allow you to check your account anytime you like.
- Security. At the very least, the software should employ two-factor authentication to protect your confidential data.
Las Vegas as a Retirement Haven
The ubiquitous casinos, the lights, the lower cost of living, and no state income tax make Las Vegas an attractive destination for retirees. Sin City is included in CNBC’s top 10 best cities to retire in 2018.
Las Vegas finds itself among cities like Raleigh, North Carolina; Eugene, Oregon; Surprise, Arizona; Gilbert, Arizona; San Antonio, Texas; and Henderson, Nevada. A report from Las Vegas Review-Journal revealed that the number of retirees in Las Vegas has been on the upward trajectory.