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11 Online Financial Planning Tools the Government Provides Completely Free

Avoid uncertainty by using these free financial tools.

By Maddy Scheckel

Edited by Calista Headrick

Updated March 2, 2025

Feeling a bit anxious about your finances? Whether you’re planning for retirement or putting together your monthly budget, it’s not always easy to get your money in order. Luckily, you can take advantage of online tools provided by the U.S. government to better prepare yourself financially.

You’ll feel more in control of your future, and you’ll gain the information you need to make smart decisions that will positively impact your life. Here are 11 financial tools you should take advantage of — and they’re all completely free.

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Social Security Retirement Estimator

The Social Security Administration provides a free tool to estimate your Social Security benefits if you were to apply at different times. You must create an account to get a personalized estimate based on your lifetime earning history.

If you prefer a quick estimate, you can also enter your birthdate, current earnings, and the date you plan to retire into the Social Security Quick Calculator.

Knowing how much money to expect in retirement can help you adequately plan for your financial future. You may decide to retire later or invest more aggressively. Conversely, if you feel comfortable with your retirement nest egg, you may be able to retire earlier.

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Federal Trade Commission Budget Worksheet

The Federal Trade Commission (FTC) offers a free PDF worksheet that you can fill in with your typical monthly expenses, such as your rent or mortgage, insurance, utilities, groceries, and more.

Adding these numbers up and subtracting them from your monthly income can give you an idea of how much you’re spending each month or if you need to make adjustments to next month’s budget.

By tracking your expenses, you’ll be able to make better decisions about how to spend your money each month.

Required Minimum Distribution Calculator

With the free Required Minimum Distribution Calculator from the U.S. Securities and Exchange Commission, you can see how much money you’re required to take out of your traditional IRA or 401(k) account, depending on your age.

Just enter your previous year-end account balance and how old you’ll be by the end of the year, and the calculator will do the rest.

You’re required to start withdrawing at age 73. If you fail to withdraw the correct amount, you may be subject to an excise tax of up to 25% on the amount not withdrawn.

Get a free stock valued between $5 to $200

Secret: You don't need thousands of dollars to buy thousand-dollar stocks or create a diverse portfolio.

Robinhood offers a method of investing called “fractional shares.” On its own, one share of a single stock could cost a lot of money, making it difficult to diversify. Robinhood allows you to buy pieces of stock instead, so you have the option to build a diverse portfolio quickly.

Let’s say you want to invest $250, as an example.

With that amount, you could build a relatively diverse portfolio with an investment of $50 in a big tech stock, $50 in a retail stock, $50 in an energy stock, $50 in a manufacturing stock, and $50 in a bank.¹ This content is for informational purposes only, you should not construe any such information as legal, tax, investment, financial, or other advice. To get stock reward, new customers need to sign up, get approved, and link their bank account. Stock rewards shares cannot be sold until 3 trading days after the reward is granted and the cash value of the stock rewards may not be withdrawn for 30 days after the reward is claimed. Stock rewards not claimed within 60 days may expire. See full terms and conditions at <a href="https://robinhood.com/us/en/support/articles/open-account-pick-your-stock/">rbnhd.co/freestock</a>. Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement. Robinhood Gold is offered through Robinhood Financial LLC and is a membership offering premium services available for a fee.

Even better news? Add a Robinhood Gold membership, and you’ll get access to 4.00% (as of 12/27/24) APY² Annual Percentage Yield. Rate valid as of April 12, 2024. To earn interest, a cash balance is needed. If you have a margin balance, there is no cash balance to earn interest. Interest rates for cash sweep and margin investing can change at any time. Fees may reduce interest earnings. on your uninvested cash³ Interest is earned on uninvested cash swept from your brokerage account to partner banks. Partner banks pay interest on your swept cash, minus any fees paid to Robinhood. As of Nov 15, 2023, the Annual Percentage Yield (APY) that you will receive is 1.5%, or 5% for Gold customers. The APY might change at any time at the partner banks' or Robinhood's discretion. Additionally, any fees Robinhood receives may vary and are subject to change. Neither Robinhood Financial LLC nor any of its affiliates are banks. All investments involve risk and loss of principal is possible. Robinhood Financial LLC (member SIPC), is a registered broker dealer. and the ability to buy and sell stocks 24 hours a day, 5 days a week.

Open and fund a Robinhood account and earn up to $200 in stock

Life Expectancy Calculator

Use the Life Expectancy Calculator from the Social Security Administration to estimate your lifespan.

Once you enter your gender and date of birth, you’ll be provided with your estimated total years based on data from its life expectancy tables. Do be aware this doesn’t take into account your personal health, lifestyle, and family health history.

Having a general idea of your life expectancy can help you plan your financial future. You can calculate if you’ll have enough money to last until the end of your life or if you should consider adjusting your plan.

Savings Goal Calculator

Enter how much money you’re aiming to save along with your estimated interest rate, initial investment, and years you plan to save, and this free online Savings Goal Calculator from the U.S. Securities and Exchange Commission will tell you how much you’ll need to set aside each month.

Having this information can help you adjust your budget or even motivate you to change jobs or negotiate a raise at work.

Savings Goals and Priorities Worksheet

The U.S. Department of Labor provides a free savings Goals and Priorities Worksheet to organize your plan of action.

The worksheet is divided into short-term goals of five years or less and long-term goals that stretch beyond five years. Thinking through your goals can help you prioritize what’s most important to you so you can plan your finances adequately. There’s also space to enter your plan for how you intend to accomplish each goal.

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The FINRA Retirement Calculator

FINRA is a self-regulatory organization under the U.S. Securities and Exchange Commission. Their free Retirement Calculator can estimate the amount you need to save every year to have enough money for retirement.

The tool takes inflation into account, along with your tax rate and other financial factors, making it useful for projecting your future financial needs.

Net Worth Balance Sheet

Use the Net Worth Balance Sheet to calculate your net worth. This tool from the U.S. Department of Labor allows you to list all your assets along with their values and subtract your liabilities.

As a result, you’ll have a clear view of your bank accounts, investments, and property, as well as debts such as credit card debt and auto loans. This sheet can guide you towards a positive net worth that grows each year.

Cash Flow Spending Plan Worksheet

The Cash Flow Spending Plan Worksheet from the U.S. Department of Labor is a free budgeting tool to determine how you expect to spend your money.

This cash flow plan is comprehensive and includes expenses that are easy to forget. Having a clear line of sight into your monthly expenses can lead you to make better decisions about where you want your money to go and give you a full account of possible costs.

Earn up to a $300 bonus and grow your money with up to 3.80% APY

This powerful combination checking + savings account from SoFi® allows you to earn up to a $300 bonus with direct deposit and grow your money with up to 3.80% APY.⁴ New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. See full bonus and annual percentage yield (APY) terms at <a href="http://www.sofi.com/banking#1">sofi.com/banking#1</a>. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC. SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of Jan. 24, 2025. There is no minimum balance requirement. Additional information can be found at <a href="http://www.sofi.com/legal/banking-rate-sheet">http://www.sofi.com/legal/banking-rate-sheet</a>. See the SoFi Plus Terms and Conditions at <a href="https://www.sofi.com/terms-of-use/#plus">https://www.sofi.com/terms-of-use/#plus</a>.

This is one of the top accounts we’ve seen, and offers like this can be rare. You work hard, and now it’s time to make your money work for you — with SoFi, you can grow your money with hardly any effort!

SoFi has no account fees⁵ We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Checking & Savings Fee Sheet for details at <a href="http://sofi.com/legal/banking-fees/">sofi.com/legal/banking-fees/</a> or overdraft fees⁶ Overdraft Coverage is limited to $50 on debit card purchases only and is an account benefit available to customers with direct deposits of $1,000 or more during the current 30-day Evaluation Period as determined by SoFi Bank, N.A.  The 30-Day Evaluation Period refers to the "Start Date" and "End Date" set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the "30-Day Evaluation Period"). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY.  Members with a prior history of non-repayment of negative balances are ineligible for Overdraft Coverage. and additional FDIC insurance up to $3 million on deposits is available through a seamless network of participating banks.⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>. Plus, you can receive your paycheck up to 2 days early.⁸ Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.

How to earn up to $300: Sign up and make a direct deposit within the first 25 calendar days of the promotional period, then collect a $300 cash bonus with a direct deposit of $5,000 or more.

SoFi is a Member, FDIC. ⁷ SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at <a href="http://sofi.com/banking/fdic/sidpterms">SoFi.com/banking/fdic/sidpterms</a>. See list of participating banks at <a href="http://sofi.com/banking/fdic/participatingbanks">SoFi.com/banking/fdic/participatingbanks</a>.

Open your SoFi account and set up direct deposit

Compound Interest Calculator

Albert Einstein is said to have called compound interest the most powerful force in the universe.

To unlock the power of compound interest, the U.S. Securities and Exchange Commission provides a free Compound Interest Calculator. It demonstrates how compounding interest can be a major boost to your retirement nest egg by depicting how much your money can grow over time.

Debt Reduction Worksheet

The Debt Reduction Worksheet from the U.S. Department of Labor makes it easier to envision paying down your debts and see your progress.

The worksheet provides various fields, such as interest rates and balances, to help you organize your current debt so you can attack each one with a plan of action.

The sheet reminds you to include any debt you may have related to your home, vehicles, education, credit cards, and more.

Bottom line

Knowledge is power, and knowing your expected future expenses empowers you to make smart financial choices.

With these free online planning tools, you’ll gain greater insight into your finances and have the data you need to make a sound financial plan to save, invest, and build wealth.

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