Customer Reviews (133)

pnw_agenda • 2024-10-17T22:09:57-07:00

This is worse than just a spreadsheet using basically excel calculations. No Monte Carlo, no sequence of returns, no configuration of failure modes. Huge ripoff, avoid

Frank~76 • 2024-08-19T15:03:57-07:00

This was a great app 10-15 years ago when I bought it. Easy to use, didn’t require an account (wherein my data can be stolen) and didn’t lose my spreadsheets. This latest revision undid all that. Numbers I’d entered years ago are lost and now I can’t see how that plan worked out. Navigating is more difficult; I can’t just type in a number but have to use their goofy and uncontrollable slider. The y-axis scale changes as I enter new data. This app just keeps getting worse with every revision and it’s time I found a new one. You should, too.

Cold Case Analyst • 2024-05-21T18:56:42-07:00

I made a previous, positive review of this app, but now that I have had an opportunity to play more with it I owe it to the author to expand my review. This app allows you to factor in market corrections, major crashes, and changes in portfolio rates of return as one gets older. In addition, it allows the user to factor in a variety of future expenses and income streams. For the small cost this planning app is an essential tool for evaluating risk tolerance scenarios and life changes. I recommend it to everyone.

Summary of Key Insights

RetirePlan is a generally well-regarded retirement planning app, praised for its ease of use, comprehensive features, and ability to model various financial scenarios. However, recent updates have introduced usability issues and account creation requirements that have negatively impacted user sentiment for some. Key strengths include its scenario planning capabilities, graphical displays, and independence from financial institutions. Weaknesses include complaints about recent UI changes, lack of certain features (like RMDs and separate retirement dates for spouses), and concerns about data privacy due to account creation requirements. The overall sentiment is positive, but there's a significant contingent of users unhappy with recent changes.

  • Overall Rating: Appears high based on review scores, but recent updates are causing negative feedback.
  • Score Distribution: 5-star (66.9%), 4-star (8.3%), 3-star (7.5%), 2-star (3.0%), 1-star (14.3%)

Data & Methodology Overview

  • Data Sample Size: 133 reviews
  • Time Frame: Reviews span several years, with recent reviews focusing on the impact of updates.
  • Analysis Methods: Sentiment analysis was performed by assessing the tone and content of the reviews. Keyword extraction was used to identify frequently mentioned features, pain points, and positive aspects. The star rating distribution was used to quantify overall sentiment. Reviews were also analyzed chronologically to identify trends related to updates.

Key User Pain Points

  • Usability Issues After Updates: Several users report that recent updates have made the app clunkier and less user-friendly, particularly regarding data input (e.g., slider controls).
  • Account Creation Requirement: The new requirement to create an account and store data in the cloud is a major concern for privacy-conscious users.
  • Missing Features: Lack of support for Required Minimum Distributions (RMDs), different retirement dates for spouses, and pension survivor benefits are frequently mentioned limitations.
  • Distribution Logic in Retirement: The app's forced distribution of non-tax-deferred investments to zero before tapping tax-deferred accounts does not reflect real-world retirement strategies.
  • Bugs and Crashes: Some users experience crashes and missing data after updates.
  • Limited Input Range: Some users find input limits (e.g., maximum savings amounts) restrictive.
  • Lack of Support/Developer Contact: Some users noted the lack of a straightforward way to contact the developer for support.

Frequently Requested Features

  • RMD Calculation: Automatic calculation and inclusion of Required Minimum Distributions (RMDs) from IRAs and 401(k)s.
  • Separate Retirement Dates for Spouses: Ability to specify different retirement ages for each spouse.
  • Pension Survivor Benefits: Support for modeling pension survivor benefits.
  • Roth IRA Conversion Scenarios: Functionality to model Roth IRA conversions for specific years.
  • Web or Mac Version: A web-based or native Mac OS app to complement the iPad version.
  • More Flexible Distribution Logic: Allow users to customize the order in which different types of accounts (taxable, tax-deferred) are drawn down during retirement.
  • Variable Rate of Return: Option to use variable rates of return based on historical data or Monte Carlo simulations.
  • Monthly Income Input: Ability to input income and expenses on a monthly basis rather than just annually.

Strengths and Positive Aspects

  • Ease of Use: Many users praise the app's intuitive interface and ease of use, particularly for simple scenario planning.
  • Comprehensive Features: The app offers a wide range of inputs and options, allowing users to model various retirement scenarios, including market crashes, pensions, and one-time expenses.
  • Graphical Displays: Users appreciate the clear and informative charts and graphs that provide a visual overview of their retirement plan.
  • Scenario Planning: The ability to create and compare multiple scenarios is a key strength.
  • Independence: Users value that the app is independent and not tied to any financial institutions.
  • Responsiveness from Developer: Some users have reported positive experiences with the developer's responsiveness to questions and bug fixes (though some recent reviews suggest the opposite).
  • Excel Export: The ability to export data to Excel for further analysis is a valuable feature.
  • Accurate Results: Some users have verified the app's accuracy by comparing its results to those from professional financial planning software.

Prioritized Action Recommendations

  • High Priority:
    • Address Usability Issues from Recent Updates: Revert UI changes that have negatively impacted usability, or provide options for users to choose between the old and new interfaces. Focus on streamlining data input and improving the slider controls.
    • Re-evaluate Account Creation Requirement: Consider removing the account creation requirement or offering a local data storage option to address privacy concerns. Clearly communicate the reasons for the change and the security measures in place.
    • Fix Bugs and Crashes: Thoroughly test updates before release to prevent crashes and data loss.
    • Improve Support Accessibility: Provide a clear and easily accessible way for users to contact the developer for support.
  • Medium Priority:
    • Implement RMD Calculation: Add automatic calculation of Required Minimum Distributions (RMDs).
    • Allow Separate Retirement Dates for Spouses: Enable users to specify different retirement ages for each spouse.
    • Enhance Distribution Logic: Provide more flexible options for customizing the order in which different types of accounts are drawn down during retirement.
    • Add Pension Survivor Benefit Support: Model pension survivor benefits.
    • Increase Input Range: Remove or increase input limits to accommodate users with larger savings or higher income goals.
  • Low Priority:
    • Develop Web or Mac Version: Explore the feasibility of creating a web-based or native Mac OS app.
    • Add Roth IRA Conversion Scenarios: Implement functionality to model Roth IRA conversions.
    • Incorporate Variable Rate of Return: Offer the option to use variable rates of return based on historical data or Monte Carlo simulations.
    • Allow Monthly Income Input: Enable users to input income and expenses on a monthly basis.
    • Customize Color Scheme: Allow users to customize the app's color scheme.

Opportunities for Startup Ideas

  • Privacy-Focused Retirement Planning App: A retirement planning app that prioritizes user privacy by offering local data storage and avoiding account creation requirements.
  • Advanced Scenario Modeling: A retirement planning app that incorporates more sophisticated modeling techniques, such as Monte Carlo simulations and variable rates of return.
  • Spousal Planning Focus: An app that specializes in planning for couples, with features such as separate retirement dates, pension survivor benefits, and integrated healthcare cost planning.
  • Customizable Distribution Strategies: An app that allows users to define custom strategies for drawing down different types of accounts during retirement.

Trends and Observations

  • Negative Sentiment Shift After Updates: Recent updates have triggered a noticeable increase in negative reviews, primarily due to usability issues and privacy concerns.
  • Long-Term User Base: Many users have been using the app for several years, indicating a loyal customer base.
  • Feature Requests Remain Consistent: The most frequently requested features (RMDs, separate spouse dates) have been recurring themes for some time.
  • Value Perception: Most users feel the app is worth the price, but some recent reviewers question its value proposition compared to free alternatives.

Conclusion

RetirePlan is a valuable tool for retirement planning, but recent updates have introduced issues that need to be addressed. Prioritizing usability improvements, addressing privacy concerns, and implementing frequently requested features will be crucial for maintaining user satisfaction and competitiveness. The app's core strengths – ease of use, comprehensive features, and independence – should be preserved and enhanced. A focus on user feedback and continuous improvement will ensure that RetirePlan remains a leading retirement planning app.

Original App Link

https://apps.apple.com/us/app/retireplan/id435739013?uo=2