Leveraging Technology for Retirement Planning

Retirement. It’s one of those milestones everyone hopes to achieve but few accomplish. Outside factors like a higher cost of living and dwindling social security benefits coupled with the lack of preparation result in millions of older adults working in their 60’s and beyond. If you’re worried about this being your future, perhaps the integration of technological trends could help you turn things around.

Technology Can Help

Technology impacts every aspect of our lives. When used appropriately, technology can make overly complex and tedious tasks (like retirement planning) easier to comprehend and execute. It can also save you a lot of time, money, and stress. Essentially, using technology for future planning can make answering questions like, “When can I retire?” easier to answer.

Retirement Tech Trends

So, how can you leverage technology for retirement planning? Below is a closer look at some of the best retirement planning tools to use for a brighter future.

Online Banking

Managing your financial accounts is crucial for current and future expenses. If you haven’t done so already, take advantage of the online banking features offered by your bank. It makes managing your checking and savings accounts easier.

Online banking also offers a variety of features to prepare for retirement. You can create budgets, set savings goals, open retirement accounts, pay bills, transfer money, invest, and so much more.

Retirement Calculators

How much do you need to retire? Most people don’t know the answer to that question. Although this number can change over time, the closer you come to an amount, the easier it is to save for retirement. Retirement calculators enable you to understand better where you are and where you need to be.

You start by finding a free or affordable calculator. Then enter your age and monthly savings to determine if you’re saving enough money to retire. Some calculators enable you to consider other factors like debt, medical expenses, and a retirement budget to assess how much you’ll need to live comfortably.

Robo-Investors

Investing is a practical way to increase your retirement savings. Placing your money in the right companies or products can earn you several hundred or thousands of dollars when you’re ready to retire. Unfortunately, most adults don’t know the first thing about investing in the stock market and overlook it as an option.

A Robo-investor can eliminate the challenge. It’s an online investing service that assists users in making the most of their money. You can connect the account to your checking or savings account and set an amount to invest when it’s most convenient (weekly, monthly, quarterly).

Users can select the types of stocks they’d like to invest in or get recommendations from the service provider. You can then monitor and receive alerts to advise you on buying and selling stocks to increase your portfolio and manage your savings.

Health And Fitness Tools

Money is a significant part of retiring happily, but it’s not the only factor to consider. No matter how much money you have or how great your finances are, you can’t enjoy retirement if you’re not physically or mentally well. Technological advancements have come a long way in helping adults to manage and get control of their health. So, use them to your advantage.

Wearable technology like fitness trackers or glucose monitors can help you maintain a healthy weight and manage pre-existing conditions. Nutrition programs, meal plans, and food trackers can ensure you’re getting everything your mind and body need to age gracefully. Finally, the use of platforms like telemedicine can keep you in touch with medical experts for preventative care and treatment.

Everyone looks forward to the day when they can say goodbye to their jobs and daily routines and simply retire. Unfortunately, as time goes on, the number of people that are truly prepared for retirement declines. If you don’t want to find yourself in a similar position, it’s time to make changes. By using some of the retirement tech trends listed above, planning for your future becomes much easier to manage.

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John Morris
John Morris is a self-motivated person, a blogging enthusiast who loves to peek into the minds of innovative entrepreneurs. He's inspired by emerging tech & business trends and is dedicated to sharing his passion with readers.

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