Many people struggle to save enough for retirement. But there are some excellent new tools to help you automatically boost your retirement savings. Many of these programs operate by transferring small amounts of money into a savings or investing account. You probably won’t even miss it. But you will see your savings grow over time. Here are four tools to help you automate your retirement savings:
Qapital. This app brings “if this, then that” technology to your savings strategy. You can set up various rules that will trigger a withdrawal from your checking account and a contribution to your savings account. For example, one popular strategy is a round-up rule. Qapital can round your purchases up to the nearest dollar or even the nearest two dollars and then transfer the “change” into your savings account.
You can also set up rules to charge you extra for your spending vices. For example, if you stop at coffee shops for expensive lattes too often, you could charge yourself five bucks a visit by having Qapital transfer $5 into your savings account each time you buy coffee.
Qapital provides the flexibility to set up whatever rules work best for you and your spending patterns. Qapital recently upgraded from a simple app to connecting you with an actual bank account. However, the money in the savings account doesn’t automatically get invested. You’ll have to pull it out on a regular basis to stash it in a retirement or other investment account.
[Read: How Long Does it Take to Vest in a 401(k) Plan?]
Acorns. When you make a purchase, Acorns will round it up to the nearest dollar and transfer the virtual change to your investment account, instead of a savings account like Qapital. You can additionally transfer money to the investment account on a regular schedule or at a time of your choosing. Also, when you make a purchase with certain major brands, you may get an automatic boost to your Acorns account.
Acorns will provide an investment strategy that includes a mix of exchange-traded funds based on your investment objectives and automatically rebalance on your behalf. Acorns does charge fees, though they’re smaller for accounts with at least a $5,000 balance. The cost is $1 a month once you start investing, or 0.25 percent annually for accounts over $5,000.
[Read: How Super Savers Max Out Their Retirement Accounts.]
Digit. Digit creates a savings strategy for you so you don’t have to. The program analyzes your income and spending patterns, and then automatically moves money from your checking account to your Digit savings account, often each day. However, it won’t overdraft your checking account. You can access your savings account at any time and transfer the money back to your checking account within one business day.
Digit also provides savings bonuses to your account. But like Qapital, it transfers your money to a savings account, rather than an investment account. The program is free for 100 days, but costs $2.99 per month after that.
[See: 10 Painless Ways to Save More for Retirement.]
Stash. Stash puts your money into an investment account. However, you’ll have to set up your own automatic savings rules. You could set up an automatic withdrawal from your checking account on a regular basis. Then, you can decide where you’d like to invest your withdrawals.
Stash will give you some investment recommendations including ETFs and stocks based on your answers to a series of questions when you open the account. You can begin investing with as little as $5. Stash charges $1 per month for account balances under $5,000, and 0.25 percent of the account balance per year for larger accounts.
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4 Tools to Help You Automate Your Retirement Savings originally appeared on usnews.com
