The Role of Technology in Retirement Planning: Tools and Trends

The Role of Technology in Retirement Planning: Tools and Trends

Saving for your future is an important part of financial planning, and it requires frequent assessments to ensure you’re on the right track. As you navigate all of life’s changes, your finances will need to be reevaluated along the way. The same is true for retirement planning.

When it comes to planning for the future, it’s a lot easier today than it was in the past. Now, in the age of digitization, technology is changing the landscape of retirement planning for the better. Instead of meeting with a financial planner face-to-face, you can have all of your meetings virtually, or use online tools to manage them on your own.

The internet is full of resources, including retirement calculators, budgeting sheets, financial apps, and influencers and experts offering their advice free of charge on social media platforms like blogs, TikTok, Instagram, and YouTube.

Calculators: Maybe you’re interested in increasing your annual 401(k) contribution but aren’t sure if you can afford it – there’s a calculator for that. Using financial calculators, such as a 401(k) contribution calculator or 401(k) paycheck calculator, can help you capture your current and future financial snapshots. These free resources can help you understand where you are today and what you need to do to reach your future retirement goals. View a library of Slavic401k’s free calculators here.

Budget Sheets: Many financial institutions, including Slavic401(k), offer budget tracking sheets and tools to help you stay on track. Budget sheets are a visual tool that helps you track your income, expenses, investments, debt, savings, and more. By noting and tracking all of your money coming in and going out, you will be able to see where you may be overspending or under saving, allowing you to pivot and make adjustments before you find yourself in an unfortunate financial situation. To view Slavic401k’s budget sheet, click here.

Financial Apps: In addition to budget sheets, you also have the option to track your finances through a mobile app. Financial institutions may offer their own version that are connected to your accounts. Download Slavic401k’s app in Apple or Google Play.

There are also third-party options that allow you to connect bank accounts, investment accounts, credit cards, loans, and more so you can see the real-time status of your finances as a whole at any given point. Apps like Mint and Spendee also feature bill reminders, goal setting and tracking, and more. View a list of the top five financial apps.

Advice: Many experts and financial advisors offer free advice on their digital platforms, including podcasts, TikTok or YouTube videos, blogs, and more. This is a great way to learn about financial strategies in a digestible format, while also gaining important knowledge that you can apply to your finances.

Listen to one of these six podcasts for financial wellness on your daily commute or during your workout routine. Or, if you have some free time, watch and connect with these five financial influencers on TikTok. Many have other means of distributing their knowledge and advice, so visiting their websites will also connect you with blogs, books, resource guides, or visit to speak with with a financial advisor.

Robo-Advisors:  A robo-advisor is a digital investment platform that utilizes algorithms and automation to provide personalized financial advice and manage investment portfolios. These platforms analyze an individual’s financial situation, goals, and risk tolerance to create a suitable investment strategy. Robo advisors offer a wide range of services, including portfolio rebalancing, tax optimization, and goal tracking.  

They are especially beneficial for individuals who have access to them, as they provide cost-effective and convenient investment solutions. With a robo-advisor, investors can benefit from professional-grade portfolio management without the need for extensive financial knowledge or large investment capital. It’s a great option for those who have it available to them, as it offers a hassle-free and efficient way to grow their wealth. 

Artificial Intelligence (AI): Whether you realize it or not, AI is a huge part of everyday life. It can write essays, create digital images with just a few keywords, predict your fast food and coffee orders, personalizes social media and web searches, and even helps with long-term financial planning.

Many financial institutions use AI to flag fraud notifications, clear mobile check deposits, and provide assistance online via chatbots. According to Forbes, AI has continued to develop, and will soon include technology and machine learning that inform complex financial forecasting and management. This will include determining the plan(s) you should enroll in, identifying markets and trends, and adjusting your portfolio to match those identified trends. Read the full article here.

To learn more about Slavic401k’s planning tools and technologies, click here.


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