Best free retirement planning tool
Empower's retirement planner runs Monte Carlo simulations across thousands of market scenarios and tells you your probability of success. It's free, it connects to all your accounts, and it gives you a straight answer on whether you're on track.
Pros
- Free retirement planner with Monte Carlo simulations
- Connects to all accounts for accurate projections
- Investment Checkup optimizes current allocation
Cons
- Persistent advisory sales calls
- No custom goal modeling beyond retirement
- Projections can be overly conservative
2
Clarity(Our Pick)
$99/year
Best for conversational financial planning with AI
Clarity takes a different approach—you just ask questions. 'What if I bump my savings rate by 10%?' and it runs the numbers using your actual account data. It's not a traditional planning tool, but the conversational style makes planning feel way less intimidating.
Pros
- AI-powered scenario modeling using real account data
- Net worth trend projections
- Integrates planning with actual spending and investment data
Cons
- No traditional retirement calculator with Monte Carlo
- Planning features are AI-driven, not structured forms
- No dedicated goal-setting interface
Best for modeling life event impacts on finances
Path lets you model how real life events—buying a house, switching jobs, having kids—change your financial trajectory. The scenarios are interactive and well-designed. Just know that the recommendations lean toward Wealthfront's own products.
Pros
- Interactive life event modeling
- Connects to external accounts for accurate picture
- College savings and home purchase planning
Cons
- Biased toward Wealthfront products in recommendations
- Limited scenario customization
- No Monte Carlo or probability-based projections
4
Monarch Money
$14.99/mo or $99.99/year
Best for simple goal tracking tied to budgeting
Monarch keeps it simple. Your goals are tied to your actual account balances, and planning lives right next to your budget. It's not as powerful as Empower for projections, but if you want goals and budgeting in one place, it works well.
Pros
- Goals tied to actual account balances
- Integrates planning with budgeting
- Simple, approachable interface
Cons
- No retirement calculator or Monte Carlo
- Goal projections are linear — no market modeling
- $14.99/month adds up for basic planning
5
NewRetirement
Free (basic) / $120/year (Premium)
Best for detailed DIY retirement planning
Boldin (formerly NewRetirement) goes deeper than any other consumer tool. It models Social Security timing, Roth conversions, Medicare, and tax bracket management across decades. If you like digging into the details, this is your tool.
Pros
- Most detailed retirement modeling available to consumers
- Social Security and Roth conversion optimization
- Tax bracket management across retirement years
Cons
- Overwhelming for beginners
- Requires significant data entry
- Premium required for best features ($120/year)