Smart Money Wizard
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Updated for September 2026

Boldin vs. Empower vs. ProjectionLab:
Best Retirement Planning Software for 2026

Three very different tools for one goal: knowing if your money will actually last. We break down complex scenario modeling, free net-worth tracking, and FIRE-focused Monte Carlo simulation to find your best fit.

Boldin

The Strategist. Deep What-If modeling, Roth and Social Security optimization.

Empower

The Tracker. 100% free net worth dashboard and fee analysis.

ProjectionLab

The Simulator. Privacy-first FIRE planning with Monte Carlo and backtesting.

The Wizard's Verdict

Bottom Line Up Front: Choose Boldin if you are within 10 years of retirement and need to model Roth conversions, Social Security timing, or downsizing a home. Choose Empower if you want a free dashboard to track net worth, fees, and asset allocation across every linked account. Choose ProjectionLab if you are pursuing FIRE, want deep Monte Carlo simulation and historical backtesting, and prefer to enter your numbers manually instead of linking accounts.

The 2026 Comparison Matrix

Feature Boldin Empower ProjectionLab
Primary Goal Multi-Decade Planning Real-Time Net Worth Tracking FIRE Simulation & Forecasting
Pricing Free / ~$12/mo
(PlannerPlus, ~$144/yr)		 100% Free
(Planning Tools)		 Free / $129/yr Premium
$549/yr Pro (advisors)
Monte Carlo Simulation Basic
(Included)		 Basic
(Included, Free)		 Advanced
(Plus historical backtesting)
Account Syncing Paid Only
(PlannerPlus)		 Free
(Unlimited Links)		 None
(Manual entry by design)
AI Assistant Features Limited
(AI-assisted Sankey insights)		 None
(Verify before assuming)		 None
(Verify before assuming)
DIY vs. Advisor-Assisted Strictly DIY Software DIY + Optional Paid Advisor Strictly DIY Software
Tax & Scenario Depth Elite
(Roth, SS, Real Estate)		 Limited
(Fee Analysis Only)		 Detailed
(Premium tier: tax, Roth, ACA)

Figures reflect publicly published pricing and feature pages as of September 2026. AI assistant capabilities across all three vendors change frequently; confirm current feature pages before deciding.

Strategic 2026 Wizard Insights

The "No Linked Accounts" Trade-off

ProjectionLab deliberately does not connect to your bank or brokerage accounts. That is a privacy feature for many FIRE planners, but it means you enter and update balances by hand. Empower's entire value proposition is the opposite: automatic account aggregation in exchange for being marketed a wealth management upsell.

The "Sales Call" Trade-off

Empower's tools are free because they double as a lead-gen funnel for its wealth management service (fees typically in the 0.49%-0.89% range). Boldin and ProjectionLab are both strictly software-first businesses that monetize through subscriptions, not advisory fees.

Roth Conversions: Boldin vs. ProjectionLab

Both Boldin and ProjectionLab Premium model Roth conversion strategies against tax bracket ceilings. Boldin leans on decades of retirement-specific modeling depth; ProjectionLab pairs the same idea with its Monte Carlo engine and historical return sequences, which is useful for stress-testing a conversion plan against real market downturns rather than a single fixed-return assumption.

Monte Carlo & Modeling Deep Dive

ProjectionLab runs Monte Carlo simulations on both its free Basic plan and paid Premium plan, and layers in historical backtesting against real market data so you can see how a plan would have performed across different historical sequences of returns, not just randomized draws. It also lets you build custom probability distributions for your own simulations.

Boldin includes Monte Carlo simulation as part of its retirement modeling, but its real strength is deterministic "What-If" scenario modeling: Social Security claiming age, Roth conversion laddering, home downsizing, and long-term care cost shocks, layered on top of the probability-based success rate.

Empower offers a Monte Carlo-based Retirement Planner as part of its free dashboard, but it is intentionally simpler than either dedicated planning tool and works best as a quick sanity check rather than a detailed scenario lab.

Winner For: Tax & Scenario Planning

Boldin

The Planner's Choice

The most detailed retirement software for DIYers close to retirement. Model Roth conversions, Social Security, and multi-decade "What-If" scenarios.

Start My Boldin Plan
Winner For: Net Worth & Fee Tracking

Empower

The Investor's Choice

The best free financial dashboard. Aggregate every account, track net worth, and uncover hidden investment fees in minutes.

Get My Free Dashboard
Winner For: FIRE & Simulation Depth

ProjectionLab

The Simulator's Choice

Privacy-first planning built for FIRE. Run Monte Carlo simulations and historical backtests without ever linking an account.

Try ProjectionLab Free

Pros and Cons

Boldin

Pros

  • Deepest Roth conversion and Social Security modeling
  • Real estate downsizing and long-term care scenarios
  • Free tier available before subscribing

Cons

  • Account syncing locked behind PlannerPlus
  • Steeper learning curve than simple dashboards

Empower

Pros

  • 100% free net worth and fee-analysis tools
  • Unlimited free account linking
  • Polished dashboard, minimal setup

Cons

  • Frequent sales outreach once assets exceed roughly $100k
  • Shallower scenario and tax modeling than Boldin or ProjectionLab

ProjectionLab

Pros

  • Monte Carlo simulation and historical backtesting, even on the free plan
  • Privacy-first, no account linking required
  • Popular with the FIRE community for flexible milestone modeling

Cons

  • Manual data entry, no automatic account aggregation
  • Tax optimization and Roth tools require the $129/yr Premium plan

Still Unsure?

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Read the Full Boldin vs. Empower Head-to-Head → Return to All Wealth Duels →

Frequently Asked Questions

Last Updated: September 16, 2026
Which is better for retirement planning: Boldin, Empower, or ProjectionLab?
It depends on what you need. Boldin is the deepest DIY retirement modeling tool for complex What-If scenarios like Roth conversions and Social Security timing. Empower is the best free option for tracking net worth and investment fees across linked accounts. ProjectionLab is the strongest choice for FIRE-focused planners who want Monte Carlo simulation, historical backtesting, and detailed tax and cash-flow modeling without linking any financial accounts.
Does ProjectionLab require me to link my bank accounts?
No. ProjectionLab is a manual-entry planning tool by design, so you type in your balances and assumptions rather than connecting accounts. This is different from Empower, which is built around aggregating linked accounts automatically.
How much does ProjectionLab cost compared to Boldin and Empower?
As of September 2026, ProjectionLab's Basic plan is free and includes Monte Carlo simulation and forecasting, its Premium plan is $129 per year and adds tax optimization, Roth conversion planning, and estate planning, and its Pro plan for financial advisors is $549 per year. Boldin is free at the basic tier with a PlannerPlus subscription around $12 per month (about $144 per year). Empower's net worth and planning tools are 100% free, funded by its optional paid wealth management service.
Do any of these three tools include an AI assistant?
None of the three currently ships a conversational AI chat assistant as of September 2026. Boldin markets AI-assisted insights through its Sankey cash-flow visualization, but this is an automated visualization feature rather than a chatbot. Empower and ProjectionLab do not advertise AI assistant features; verify current feature pages before assuming otherwise, since this is an area vendors update frequently.
Is ProjectionLab good for FIRE (Financial Independence, Retire Early) planning?
Yes. ProjectionLab was built specifically with the FIRE community in mind and is widely recommended by FIRE bloggers and podcasters for its flexible milestone modeling, Monte Carlo simulation, and historical backtesting against real market data, all without needing to link financial accounts.
Can I use all three tools together?
Yes. A common approach is using Empower for free daily net worth and fee tracking, and then choosing either Boldin or ProjectionLab as your deeper modeling tool depending on whether you want Boldin's Social Security and Roth conversion depth or ProjectionLab's FIRE-oriented Monte Carlo and cash-flow modeling.
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