MaxiFi vs MoneyHelper Retirement Budget Planner

MaxiFi builds a lifetime financial plan and estimates sustainable annual spending using income, assets, taxes, Social Security and other inputs. You can revise the plan to compare choices such as changing jobs, buying a home or retiring early. It models federal, state, FICA and IRMAA taxes, Social Security benefits and Medicare Part B premiums. Paid optimizers cover Roth conversions, Social Security filing and retirement withdrawals. Living Standard Monte Carlo compares how investment strategies and spending behavior affect discretionary spending; the software also estimates life insurance needs using contingency plans. Annual reports can be exported as PDF or Excel files, and plans can be shared with an advisor who has a MaxiFi PRO subscription. MaxiFi is available on Android, iOS, Linux, macOS, web and Windows. It offers a 14-day trial with limited features and comparison of three alternate scenarios. The Unlocked plan is listed at $149 a year. Support is through online tickets; phone support is not included.

MoneyHelper Retirement Budget Planner is a free web tool for estimating likely retirement costs and the income a person may need. Its Budget planner totals income and outgoings, shows what remains, and breaks spending into categories to help identify potential savings or cost cuts. Users can enter costs by year, and the tool converts those figures into a monthly average. MoneyHelper suggests having payslips, bank statements, bills, or a banking app available when working out income and spending. Budgeting help is available through webchat, with links to budgeting guides. The planner is provided by MoneyHelper, owned and maintained by the Money and Pensions Service, whose registered office is in Bedford, England. The service describes its website tools as general information rather than advice to rely on. It also says it is not regulated by the Financial Conduct Authority and does not provide a regulated service. Its accessibility statement identifies menu buttons that are not programmatically expandable and incorrectly structured tab panels.