Relying on tools to assess retirement readiness could be a big mistake—or not. It depends on the tools.
That's according to a report from researchers at the department of personal financial planning at Texas Tech University, which found that many retirement planning tools fall short in ways that could have a serious impact on the person seeking to retire.
The researchers evaluated 36 different publicly available retirement planning tools, and concluded that not only are "households … likely overestimating tool effectiveness," but "the advice provided from a majority of these tools is extremely misleading to households…."
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