In a Texas Tech University research paper, analysts found that publicly available retirement planning tools often exhibited substantial drawbacks that makes the results they provide far from optimal for individuals seeking help in planning for retirement.
While many people turn to such tools as an alternative to seeking out a financial planner, either because they don't trust human advisors or they're concerned over the cost involved, the results they receive are often far from the information they need.
In the paper “The Efficacy of Publically-Available Retirement Planning Tools,” the authors say “that the advice provided from a majority of these tools is extremely misleading to households.”
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