One out of every 20 older adults revealed that they have been victim to some form of financial mistreatment in their recent past. As we get older, the risk of financial exploitation is higher because we rely on others for the daily management of money. With new retirement money to manage and potential threats to cognitive ability, it can become a target. However, new apps are working to change that and put the power back into the hands of retirees. So, if you’re looking for a way to manage your money, take control of the situation yourself and check out one of these helpful tech tools.
#1. Robo Advisors for Budgeting
As technology advances, many things are becoming automated. Therefore, financial institutions have developed robo advisors to eliminate the need for human error or manipulation in financial planning. You simply set up an account with a robo advisor such as Betterment or Wealthfront and take a quiz. This quiz will help answer questions about your retirement plans and goals. Then, the robo advisor will use its algorithms to set up your perfect portfolio allocation and generate a customized budget savings plan for you. It will monitor your money and make beneficial trades and reallocations for your plan. Some even take advantage of tax loss harvesting and generate lower fees and risk.
#2. Mint App for Tracking and Reminders
Sometimes it can be hard to remember all of your accounts and exhausting bill payments. So, Mint is here to help. The app is designed as an all-in-one financial program to easily manage your money and pay your bills together in a cohesive platform. Voted by multiple financial institutions as the best personal management app, Mint also tracks your spending patterns and investments while providing alerts to notify you of any fees, remind you of any upcoming bill payments, or warn you if you’re straying from your retirement budget. Another great feature of Mint is that it gives you a free credit score so that you can accurately manage your financial future.
#3. Maximize My Social Security App
The Social Security Administration states that 9 out of 10 people over the age of 65 receive Social Security benefits and that those benefits represent about 38 percent of seniors’ incomes. Therefore, it is important that you understand your benefits. Maximize My Social Security is an app that helps you understand when and how to collect your Social Security to obtain the highest lifetime benefits. You can run different scenarios about your retirement to reach maximized results and a plan that works for you.
#4. Safeguard from Scammers
Scammers like to target older adults over the age of 65. According to the Centers for Disease Control, scammers hit about 500,000 seniors a year. Therefore, there are ways to manage your money and obtain alerts to prevent the scammers from taking your money. Set up a Mint account so that you can understand exactly where your money is going. This will notify you whenever money goes out of your account and will also give you detailed information about where you should cut back to avoid risks. You should also sign up for services such as Nomorobo, which blocks calls from telemarketers trying to scam seniors.
#5. Personal Capital Finance App
The average household loses up to $155,000 over a lifetime to 401(k) fees. Therefore, Personal Capital investigates these hidden fees and shows you exactly how much money you’re missing out on. It then provides suggestions and analysis on how to make your retirement funds more effective. The app also shows you a snapshot view of all your accounts and how they’re working together to create and promote your financial growth. It takes your entire financial portfolio, including current stock, ETF, and mutual fund holdings, to create an index that determines your overall performance. The finance app is also great for monitoring the multiple accounts that are inevitable during retirement and even provides a retirement calculator to make sure you’re always on track.
Retirement should be a stress-free time for you and your loved ones. Therefore, you should embrace technology and let these tools take a burden off your shoulders.