BUSINESS

Reviewed by Charlene Rhinehart

Quicken is one of several well-known, widely used, and highly successful financial software programs developed by Intuit, Inc. (INTU). Intuit subsequently sold its personal financial management tool to private equity firm H.I.G. Capital in 2016.

Quicken offers users services from basic checking and savings account management and budgeting, all the way to portfolio analysis and management features such as capital gains tracking. There are Windows-based versions of the program available as well as for Mac that’s compatible with Apple’s operating system.

Although manufactured for a number of global markets, Quicken remains focused largely on a North American customer base. While Quicken has dominated its niche market since its first release in 1984, there are a number of similar, alternative products available and which are increasingly challenging its dominance.

Key Takeaways

• While Quicken still dominates the financial software program universe, several alternatives exist.
• Another rival, Empower, offers investment management services.
• Banktivity, developed specifically for Apple products, serves as a personal or small business financial management program, allowing users to monitor accounts across several devices.

1. Empower

Empower represents an attractive and less expensive alternative to Quicken for individuals who prefer a cloud-based program—and one that offers extensive investment management tools. In fact, as of February 2025, it had $1.8 trillion in assets under management (AUM).

The basic Empower financial services package, which includes account tracking, budgeting, bill paying, and other basic services, is free. However, Empower makes its money primarily from individuals, with a minimum of $100,000 in assets, who choose to upgrade to the personal wealth management services the company offers. Fees begin at 0.89% for the first $1 million of assets managed and range down to 0.49% (for accounts over $10 million) per year. Empower’s fees are significantly lower than average for full wealth management services.

With the paid wealth management service, clients are assigned a personal financial advisor and receive all the usual services a client expects from a wealth management company, including tax and estate planning, tax-loss harvesting, advice on insurance, educational funds for children, and any other necessary services to provide full financial management for clients.

But even the free personal finance services offered are extensive and competitive with what is offered by Quicken. Included are services such as budgeting, a retirement planner, net worth analyzer, and an investment allocation target checker. The budgeting component includes a cash flow tool that allows individuals to input income and spending, and then receive weekly, monthly, or annual analyses of their projected cash flows.

The retirement planner can be used to map out a retirement plan, and then to monitor how closely the user is adhering to the plan. This feature allows users to set spending and savings goals, track income events, and project the future value of their investment portfolios. Its asset allocation component determines a user’s risk tolerance profile and then makes appropriate investment allocation recommendations. The comprehensive features and the flexibility of input variables offered in this module compare favorably to any comparable service, free or paid.

Empower has received good reviews on a number of levels, one being that it offers better account synchronization than most programs of this type. It also receives high marks for customer service, a rare plus for a free financial services software program. Empower offers much more in-depth investment analysis and planning than Quicken. It also offers enhanced security through its use of multi-factor authentication.

Empower services are accessible by computer, tablet, or cellphone.

2. Banktivity (iBank)

Debuting in 2003, iBank was designed by IGG Software specifically for Apple’s operating systems—at first, macOS (for desk- and laptops), and later iOS (for iPhones and iPads). IGG re-christened it Banktivity in 2016.

Aiming to serve as a personal or small business financial management program, Banktivity offers a myriad of financial services, including bank, credit card, loan, and investment account management. Features not included in Quicken but that come standard with Banktivity include multicurrency functionality and variable loan amortization. Its platform for reviewing all of an individual’s financial accounts can be found on one central dashboard: checking, savings, money market, equity and fixed-income investments, retirement accounts, loan accounts, and brokerage accounts.

With its continually updated charts, Banktivity stands out for the detailed income, expense, and investment performance analysis it offers, tracking buys and sells of stock shares, dividends, and stock options.

The program also allows for easy production and printing of custom financial reports.

Research shows Gen X is invested in—but worried about—their later years.

Fact checked by Vikki Velasquez

Generation X is represented by Americans born between 1965 and 1980, and they number approximately 64 million. Full retirement age is looming for many of them, but numerous reports indicate that they’re nowhere near ready financially.

The Schroders 2024 U.S. Retirement Survey found that Gen Xers anticipate having $602,944 in retirement savings when the time comes. Yet they believe they’ll need $1,069,746 to fund a comfortable retirement. That’s a difference of $466,802.

Another finding is even more alarming: 48% of them said that they don’t have any sort of retirement plan or strategy at all.

Key Takeaways

• Only about 14% of Gen Xers felt that they had saved enough for retirement, according to a December 2024 survey.
• The Internal Revenue Code includes retirement plan catch-up provisions for those who’ve gotten a late start on saving.
• The Congressional Budget Office anticipates that the Social Security Trust Fund will run dry by fiscal year 2033.
• Taxes can reduce returns so tax-advantaged investing is crucial.
• Gen Xers stress about their coming retirement years but have healthy financial behaviors.

Why Is Generation X Worried About Retirement?

“The future for Gen X retirees looks very different than it did for our parents,” notes Melissa Murphy Pavone, Certified Financial Planner and founder of Mindful Financial Partners.

“We’re facing the uncertain future of Social Security, rising healthcare costs, increased longevity, and more individual responsibility for retirement savings.”

Only 53% of Gen Xers felt that they would be able to retire on their own terms, according to Fidelity Investments’ 2025 State of Retirement Planning.

The Schroders survey also revealed that only 14% felt that they’d saved enough, and 54% worried that they would deplete their assets before their deaths.

Social Security

Old-Age and Survivors Insurance (OASI), commonly known as Social Security, provides benefits to retired U.S. workers.

However, the Congressional Budget Office anticipates that the OASI Trust Fund will run dry by fiscal year 2033.

Gen Xers’ plans reflect their worries. Schroders found that 43% intend to begin collecting Social Security as soon as possible, compared to 10% who plan to wait until age 70 for their maximum monthly payouts.

How Generation X Can Prepare for Retirement

Solid Financial Behavior

According to an October 2024 report by FINRA’s Investor Education Foundation, while Generation X perceives its financial situation as worrisome, it actually reports fairly healthy financial behavior.

About 55% have a retirement account at work. Overall, they’re contributing yearly to these accounts (and individual retirement accounts), and just 10% report taking loans from them.

They have debt, but it’s primarily related to asset accumulation, such as home and auto loans. And they’re managing it well. However, about a quarter of Gen Xers have student loans, which is a source of strain for them.

Better Resources for Saving

It’s not all doom and gloom for Gen Xers, or at least it may not have to be, according to Chad Parks, CEO & founder of Ubiquity, a leading small business retirement solutions provider.

“The bright side here is that Gen Xers no longer need to be seen as the ‘vulnerable generation’ because they do have access to more retirement planning and savings resources than any generation before them,” Parks says.

“From more diverse investment options (stocks, bonds, ETFs) to higher contribution limits and virtual education and fintech tools, Gen Xers have multiple pathways to take control of their financial journeys through their employer-sponsored 401(k).”

Pavone agrees. “It’s not too late to prepare,” she says, “but the clock is ticking. A CFP® can help Gen Xers take proactive steps like maximizing retirement account contributions, including catch-up provisions at 50-plus.”

Important

Shroders found that 35% of Gen X workers were holding their retirement savings in cash in 2024 and 64% reported that they were doing so because they were afraid of stock market losses.

Annual and Catch-Up Contributions

One sure way to prepare for retirement is to contribute as much as allowed to your retirement accounts.

For 2025, Gen Xers who have reached age 50 can contribute an additional $1,000 beyond the annual limit ($7,000) for their individual retirement accounts (IRAs). That’s a total of $8,000 for the year.

Similarly, 401(k) participants can contribute an additional $7,500 catch-up amount beyond the annual limit of $23,500, which means a total contribution of $31,000.

Taking advantage of their retirement accounts’ maximum contribution amounts, as well as the tax benefits and compounding, can help Gen Xers better position themselves for retirement as the clock ticks down.

Ways to Catch Up

Gen Xers may be at the top of their careers by now, with higher salaries and fewer expenses as childcare costs are no longer an issue. So they should focus on putting more money away.

After maxing out their retirement accounts, they can consider taxable brokerage accounts (which have no limits on deposits and no required minimum distributions).

There are also investments available through their banks, such as certificates of deposit (CDs) and high-yield savings accounts.

Just be sure to use these other options after stashing as much as possible in work and individual retirement accounts.

“They need to sign up for and utilize everything their employer’s plan offers: catch-up contributions, tax deductions, all of it,” Parks says.

Avoid Taxes Where Possible

Taxes eat away at investment returns. That’s why tax-advantaged retirement accounts are so vital for Gen Xers.

Traditional IRAs and 401(k)s offer a tax deduction for the money you contribute. That reduces your taxable income. Then, your account’s contributions and earnings grow undiminished by taxes for years until you take withdrawals in retirement. At that point, they’re taxed as ordinary income.

A Roth IRA or Roth 401(k) is slightly different. The money you contribute to a Roth is money you’ve already paid taxes on. So there’s no tax break there. However, your contributions and earnings grow tax-free, and you’ll owe no taxes on your withdrawals in retirement.

Tax-free, compounding growth is an exceptional way to grow the value of your savings. So Gen Xers should max out their retirement account contributions whenever possible.

Alternative Investments

Pavone stresses the idea of diversifying beyond traditional retirement investments. The National Association of Realtors indicates that Generation X is doing just that.

They account for about 24% of all homebuyers and many own additional properties for investment and income-generating purposes.

In addition, a diversified portfolio of stocks and bonds can provide a higher annual return over the long term even if returns don’t consistently boom early on.

Interest in Crypto

Another way Gen Xers are working to increase their savings and investments is by investing in cryptocurrencies. In fact, as of December 2024, 24% of them were so invested.

According to a Morgan Stanley October 2024 article, Bitcoin had an eye-catching 49% average annual return from 2014 through 2024. But the firm warned that this probably would not be sustained over the next 10 years.

In fact, it estimated future 10-year annualized returns for bitcoin at 1% to 10%. This can be a comfortable range if you reinvest rather than spend your profits.

The Bottom Line

Generation X is heading toward retirement. These 45- to 60-year-olds face a looming Social Security crisis, and almost half of them have no retirement strategy in place.

But Gen Xers have solid options. Investing is easier than ever with internet access. They may have more cash available to invest as their children fly the nest.

Once they reach age 50, they can make sizable catch-up contributions to their retirement accounts. And they can invest additional money through brokerage accounts. So they may be in better shape than they perceive.

However, if you feel overwhelmed by a lack of savings and your retirement timeline, seek advice from a financial professional to stay focused and on track.