Best Retirement Planning Tools
Retirement planning used to require a $5,000-$10,000 financial advisor engagement. Today, DIY planning tools offer professional-grade Monte Carlo simulations, tax optimization modeling, and scenario analysis for a fraction of the cost. The best platforms let you test every "what-if" — early retirement, Roth conversions, relocation, market crashes — with mathematical rigor that rivals what advisors use internally.
TL;DR — Quick Answer
Our #1 pick: ProjectionLab → — Privacy-conscious DIY investors who want the deepest simulation engine without linking accounts. (Free → $129/yr). Also worth considering: Boldin and Empower Personal Dashboard.
Try ProjectionLab FreeAt a Glance — 6 Tools Compared
Rankings based on hands-on testing by the Velocity AI Insights editorial team. Factors include features, pricing, ease of use, and customer support. Last updated 2026-08-14.
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ProjectionLab
Privacy-conscious DIY investors who want the deepest simulation engine without linking accounts
Free → $129/yr
10,000 Monte Carlo simulations + historical backtesting to 1871 — zero account linking
Quick Summary
Privacy-conscious DIY investors who want the deepest simulation engine without linking accounts
Detailed planners with complex financial situations who want 250+ planning variables and AI coaching
Empower Personal Dashboard
Investors who want free net worth tracking, investment fee analysis, and basic retirement projections
MaxiFi Planner
Planners who want an economics-based model that solves for sustainable spending instead of asking you to guess it
Pralana Online
Detail-obsessed DIY planners who want spreadsheet-level control with the cheapest long-run renewal cost
Fidelity Retirement Score
Anyone who wants a 60-second reality check before committing to a paid planning tool
Why People Are Leaving Retirement Planning Tools
Retirement planning tools help individuals and financial advisors model retirement scenarios, optimize tax strategies, and build confidence in long-term financial plans through Monte Carlo simulations and scenario analysis.
Financial advisors charge $5,000-$10,000 for planning that software now handles
Simple calculators use single-point estimates instead of probability-based modeling
Most tools can't model complex scenarios like phased retirement or rental income
Account-linking requirements raise privacy concerns for security-conscious investors
Generic retirement age assumptions don't account for FIRE or early retirement goals
Quick Comparison
6 Best Retirement Planning Tools Alternatives — Detailed Reviews
1. ProjectionLab
Free → $129/yr
Best for: Privacy-conscious DIY investors who want the deepest simulation engine without linking accounts
ProjectionLab runs up to 10,000 Monte Carlo simulations and backtests your plan against actual market data since 1871 — including the Great Depression, stagflation, and 2008 crash. The privacy-first approach means zero account linking: no Plaid, no credentials shared. Compare Mode lets you evaluate major decisions side-by-side. The $1,199 Lifetime option eliminates recurring costs for a 30+ year planning horizon ($40/year amortized).
Key Advantage: 10,000 Monte Carlo simulations + historical backtesting to 1871 — zero account linking
Pros
Monte Carlo with 10,000 runs provides statistically robust retirement confidence levels
Historical backtesting against 150+ years of market data adds real-world validation
Privacy-first design — no bank account linking means your financial data stays private
Compare Mode is exceptional for evaluating different retirement timing scenarios
Cons
$129/yr Premium required to save plans — free tier is essentially a demo
Steep learning curve due to depth of available options and settings
$1,199 lifetime price is a significant upfront commitment
No account aggregation means manual data entry for all financial accounts
2. Boldin
Free → $144/yr
Best for: Detailed planners with complex financial situations who want 250+ planning variables and AI coaching
Boldin (formerly NewRetirement) offers the most comprehensive input model available — 250+ variables on PlannerPlus cover phased retirement, self-employment income, rental properties, complex pensions, ACA subsidies, and IRMAA calculations. Real-time account syncing via Plaid keeps balances current automatically. The AI-powered digital coach provides personalized suggestions. Live classes and Q&A sessions with financial experts add human guidance. For complex financial lives that don't fit into standard categories, Boldin's granularity is unmatched.
Key Advantage: 250+ planning variables + AI coaching + optional CFP review ($3,200)
Pros
Most affordable premium retirement planner at just $12/mo ($144/yr)
250+ data points provides advisor-level modeling depth for DIY users
Boldin AI assistant answers questions in plain language — no financial jargon needed
Free tier is genuinely useful with core projections and Social Security explorer
Cons
Free version uses conservative default assumptions that can skew projections pessimistically
Customizing inflation and rate-of-return assumptions requires the paid PlannerPlus tier
Not tailored for niche financial paths like medical professionals with high student loans
$3,200 advisor service is expensive for a single checkup
3. Empower Personal Dashboard
Free
Best for: Investors who want free net worth tracking, investment fee analysis, and basic retirement projections
Empower (formerly Personal Capital) is the best free retirement tracking tool available. Link all your financial accounts for automatic net worth monitoring, investment fee analysis, and asset allocation review. The built-in Retirement Planner uses Monte Carlo simulations to assess the probability of your savings lasting through retirement. While it lacks the depth of ProjectionLab or Boldin for detailed planning, it's an excellent free starting point and ongoing monitoring tool.
Key Advantage: Free forever — account aggregation + investment fee analysis + retirement Monte Carlo
4. MaxiFi Planner
$109/yr Standard → $149/yr Premium → $359/yr Premium Plus
Best for: Planners who want an economics-based model that solves for sustainable spending instead of asking you to guess it
MaxiFi takes a fundamentally different approach from every other tool here. Instead of you entering a target spending number and seeing whether it survives, MaxiFi uses consumption smoothing to calculate the highest sustainable living standard your resources actually support — then shows what each decision does to that number. Standard ($109/yr) covers the lifetime plan, unlimited reports, scenario comparison, and Social Security filing and withdrawal optimization. Premium ($149/yr) adds Living Standard Monte Carlo, the Roth Conversion Optimizer, and life insurance contingency planning. Premium Plus ($359/yr) includes an annual 60-minute session with a MaxiFi expert to check your inputs.
Key Advantage: Economics-based consumption smoothing — it calculates your sustainable spending level rather than testing a number you guessed
5. Pralana Online
$119 first year, $89/yr after (Standard); Family $199 then $159/yr
Best for: Detail-obsessed DIY planners who want spreadsheet-level control with the cheapest long-run renewal cost
Pralana came from the Excel world — Pralana Gold is still sold as a $99 indefinite Excel license, and Pralana Bronze is a free simplified calculator — so the online version inherited an unusually deep tax and withdrawal engine for the price. Standard is $119 the first year and $89 on renewal for one plan with up to three scenarios; the Family level is $199 then $159 and covers five separate plans, which is useful if you are also modeling for parents or adult children. Advisor tiers exist at $399 (25 clients) and $599 (50 clients).
Key Advantage: Lowest ongoing cost of any serious modeling tool here — $89/year on renewal, plus a free Bronze version to try the approach
6. Fidelity Retirement Score
Free
Best for: Anyone who wants a 60-second reality check before committing to a paid planning tool
Six questions, about a minute, and no account required — the Retirement Score tells you roughly what percentage of your projected retirement income goal you are currently on track to replace, plus suggested next steps. It is open to non-Fidelity customers. This is not a substitute for the modeling tools above and Fidelity says so plainly: the projections are hypothetical and educational, not guarantees. Use it to decide whether you have a small gap or a serious one, then pick a real planning tool based on the answer.
Key Advantage: Free, no account linking, no signup — a one-minute directional read on whether you need to worry
Our Verdict
Best for complex situations: Boldin — if your financial life involves multiple income streams, real estate, phased retirement, or complex tax optimization, Boldin's 250+ variables capture nuances that simpler tools miss. The AI coaching bridges the gap between DIY and professional advice.
Best free option: Empower — every investor should use Empower's free dashboard for net worth tracking and fee analysis, regardless of which planning tool they use for detailed projections.
Best different approach: MaxiFi Planner — if you are tired of guessing a spending number and testing it, MaxiFi's consumption-smoothing model solves for your sustainable living standard directly. Premium at $149/yr adds the Roth Conversion Optimizer.
Cheapest long-run: Pralana Online — $89/year on renewal for a genuinely deep tax and withdrawal engine, and the free Bronze spreadsheet lets you test the approach first.
Start here if you are unsure: Fidelity Retirement Score — free, six questions, no account linking. Find out whether your gap is small or serious before you pay for anything.
Honest disclosure: we earn a commission if you subscribe to ProjectionLab or Boldin through our links. MaxiFi, Pralana, Empower, and Fidelity pay us nothing — they are here because they belong here.
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