In a Texas Tech University research paper, analysts found thatpublicly available retirement planningtools often exhibited substantial drawbacks that makesthe results they provide far from optimal for individuals seekinghelp in planning for retirement.

While many people turn to such tools as an alternative toseeking out a financial planner, either because they don't trusthuman advisors or they're concerned over the cost involved, theresults they receive are often far from the information theyneed.

In the paper “The Efficacy of Publically-Available RetirementPlanning Tools,” the authors say “that the advice provided froma majority of these tools is extremely misleading tohouseholds.”

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