NewRetirement is a powerful tool for retirement planning that aims to alleviate your worries and set you on the path to financial independence. With customizable retirement plans and expert support options, NewRetirement offers a user-friendly solution to help you retire comfortably.
But what makes it so great? Find out more in our NewRetirement review, where we explore its features and benefits.
What Is NewRetirement?
NewRetirement, founded in 2015 by Steven Chen, is a comprehensive website and planning tool dedicated to helping individuals prepare financially for retirement. The inspiration behind the platform came when Steven and his brother couldn’t find suitable online tools to assist their mother with retirement savings, leading Steven to create one himself.
With a focus on affordability, NewRetirement provides a range of retirement planning tools, educational resources, and a supportive community that empowers investors to gain confidence in their financial decisions and strive for financial independence.
Through its innovative platform, NewRetirement has revolutionized the retirement planning landscape, providing a holistic approach to help individuals navigate their journey towards a secure retirement.
NewRetirement Features
NewRetirement offers a number of powerful features, here are some of the most notable ones:
- Run scenarios: NewRetirement allows users to run various retirement scenarios, enabling them to explore different possibilities and optimize their planning. Whether it’s considering a relocation or evaluating a Roth conversion, users can test these scenarios and more.
- Real-time monitoring: Easily track your net worth and stay updated on your progress towards retirement, providing you with a clear picture of where you stand.
- Resources and support: NewRetirement offers a wealth of resources, including coaching, classes, and groups, to support users in their retirement planning journey. Upgrading to PlannerPlus Academy grants access to a comprehensive range of retirement planning classes.
- Robo-advising: NewRetirement offers personalized recommendations that help users identify errors and optimize their retirement strategies.
- Insight Library: The insights library within NewRetirement allows users to access projections and utilize various charting tools. It includes features such as lifetime retirement projections, cash flow forecasts, savings needed forecasts, net worth analysis, and average retirement income versus expenses. Users can also explore “what if” scenarios, utilize the Social Security explorer, and leverage Monte Carlo analysis and the Roth conversion explorer.
- Various calculators: In addition to a simple retirement calculator, NewRetirement provides tools like the Roth Conversion Calculator and the Lifetime Annuity Calculator, enabling users to explore popular retirement options.
- Chat support: NewRetirement stands out by providing chat support, ensuring users can quickly receive assistance and guidance.
- Dashboard: The NewRetirement dashboard serves as the central hub, presenting essential information about the health of your retirement plan, income score, and chances of meeting your goals. It also provides a comparison of retirement income versus expenses and offers coach suggestions to improve your financial plan.
- Tips for Improving Your Plan: NewRetirement provides a wealth of tips to enhance your financial plan. These tips are categorized into three areas: figuring out how to have enough savings, preparing for risks, and maximizing your wealth. Users can access specific tips that apply to their current life circumstances, ensuring they receive tailored advice throughout their financial journey.
NewRetirement Pricing
Pricing for NewRetirement’s subscription service is structured to cater to various needs and budgets, providing flexibility and value to users. Here are the subscription plans and additional services offered:
- Free Planner – NewRetirement offers a free plan that allows users to assess their financial standing and prepare for retirement. With this plan, users can utilize numerous website tools to track accounts, plan for retirement, and evaluate the strength of their financial strategy.
- PlannerPlus – $96 per year with a 14-day free trial: The PlannerPlus plan is the most popular option, offering all the features included in the free plan, along with additional tools. Notable additions in this plan are the ability to create a detailed budget, link bank and brokerage accounts, model transactions like real estate and Roth conversions, access detailed tax analysis, download data, stress test the retirement plan, and explore optimal withdrawal strategies.
- PlannerPlus Live – $396 per year with a 14-day free trial: The PlannerPlus Live plan, the highest-tier offering, includes everything from the PlannerPlus plan. It also provides users with the opportunity to have two Zoom sessions with a planner expert. These sessions aim to assist users in creating a personalized retirement plan that suits their specific needs.
- Add-on services: NewRetirement offers additional services to supplement its subscription plans. Users can schedule one-on-one product support sessions via Zoom calls, priced at $150 per session. These calls help users set up and stress test their retirement plans while addressing any questions they may have. For users with the PlannerPlus Live plan, two free Zoom calls are included. Individuals can also choose to work with a financial advisor to create a customized retirement plan for a fee of $999.
NewRetirement Review: The Pros & Cons
Pros:
- Lots of free tools: NewRetirement offers a wide range of free tools, ensuring accessibility and benefiting all users.
- Easy sign-up process: Completing NewRetirement’s initial assessment takes just a few minutes, making it convenient to get started.
- Comprehensive dashboard: NewRetirement’s dashboard is highly comprehensive, offering valuable tips to enhance your financial plan from one place.
Cons:
- Paid subscription for advanced features: Several tools and simulators, such as the budgeting tool, require a paid subscription to access.
- Account linking limited to paid version: The free tool lacks the ability to link accounts, which is only available in the paid version.
Final Thoughts
NewRetirement offers a wealth of tools and resources for effective retirement planning. With its user-friendly interface and free calculators, users can access robust calculations and simulations to optimize their retirement strategy.
The platform’s comprehensive dashboard provides valuable insights and tips to improve financial plans. The availability of support from coaches and certified financial planners adds an extra layer of guidance.
Although advanced features require a paid subscription, NewRetirement’s commitment to empowering users and providing accessible solutions makes it a valuable resource for retirement planning. Overall, NewRetirement stands out as a reliable and user-friendly platform for individuals looking to secure their financial future.
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