NewRetirement Review 2023: Can you rely on this retirement tool?

Jeremy Biberdorf By: Jeremy Biberdorf July 8, 2023
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In a nutshell: NewRetirement aims to go beyond budgeting and investments alone to offer a comprehensive tool to help its users take control of their retirement. By factoring in taxes, income, real estate, debt, goals, medical, and dozens of other factors, NewRetirement users can know exactly where they stand and how to stay on track.

NewRetirement’s tools are primarily self-directed and simple to use, and there are plenty of resources to help you learn more about retirement. Plus, if you want a more robust service, you can upgrade to PlannerPlus or PlannerPlus Academy.

Read on for our comprehensive NewRetirement review so you can see what this retirement tool has to offer and whether it’s the right one for you.

Basic | Free
(no credit card required)
PlannerPlus | $120/year PlannerPlus Academy | $270/year  14-day free trial for PlannerPlus 
Pros & Cons
Pros
  • The free plan is quite robust
  • Detailed calculations and retirement scenarios
  • Affordable plans for support from financial planners and coaches
Cons
  • No mobile app

NewRetirement Review 2023 | Is NewRetirement Right for Me?

Founded in 2005 by Stephen and Tim Chen, NewRetirement is all about providing trustworthy and affordable resources to help people navigate retirement.

The seeds of the company began when Steve realized his mom needed retirement help, but a financial advisor was expensive and not necessarily what she needed anyway. This experience led Steve to develop NewRetirement so that affordable retirement planning was accessible to all.

In this spirit, NewRetirement has a robust free plan, as well as two paid subscriptions: PlannerPlus and PlannerPlus Academy. Depending on your needs and preferences, you may be fine with the Basic (i.e. free) plan, or you may choose to upgrade.

Given NewRetirement’s free plan requires no credit card and carries no risk, it’s a solid tool for just about anyone to add to their retirement toolkit. But what about its two paid subscriptions?

To see if it might be right for you, keep reading to learn more about NewRetirement, including how it works and what its top features are.

External Newretirement Review & Ratings

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How Does NewRetirement Work?

NewRetirement goes beyond simple retirement calculators found on the internet by offering a comprehensive retirement planning tool that takes into account a wide range of factors affecting your financial future. It understands that savings and investments are important, but also considers taxes, income, real estate, debt, goals, budget, medical expenses, and dozens of other factors that can impact your retirement.

Even with NewRetirement’s free plan, you get access to great tools that help you navigate retirement, including the ability to see all your finances in one place, discover optimization opportunities, and explore hypothetical scenarios. For instance, you can generate a scenario where you relocate to a different state, and NewRetirement will inform you of the financial gains or losses you might experience throughout retirement.

When you opt for one of the two paid subscriptions, you unlock many additional benefits that enhance the Basic plan. These include 100+ extra planning inputs, real-time net worth monitoring, robo-advising, scenario comparisons, live Q&A sessions, and informational classes.

NewRetirement’s comprehensive approach ensures that you have a holistic view of your retirement planning and can make well-informed decisions to secure your financial future.

NewRetirement Features

NewRetirement offers various features that help set it apart from other online retirement planners, including the following:

  • Run scenarios – A really cool feature of NewRetirement is how many different kinds of scenarios you can run. Playing with the “what-ifs” of retirement is a great way to see where and how you can optimize your planning. Want to move to Ecuador? Want to convert to a Roth? You can test these scenarios and countless more.
  • Real-time monitoring – Easily track your net worth and where you stand on your way to retirement.
  • Resources and support – NewRetirement offers a ton of great resources, including coaching, classes, and groups. Plus, if you upgrade to PlannerPlus Academy, you get a full range of retirement planning classes.
  • Visualizations and analytics – Many of us are visual learners, and NewRetirement excels at visualizations. Plus, you have access to a wide variety of analytics, including Monte Carlo analysis, asset allocation, investment returns, and more.
  • Robo-advising – NewRetirement offers personalized recommendations that can signal errors and optimization opportunities alike.
  • Various calculators – With NewRetirement, there’s not only a simple retirement You also get access to a Roth Conversion Calculator and a Lifetime Annuity Calculator, which are both popular retirement options.
  • Chat support – Unlike some of its competitors, NewRetirement offers chat support so you can get help quickly.

NewRetirement Pricing & Plans

While NewRetirement’s Basic plan offers a solid foundation for retirement planning, the paid plans – PlannerPlus and PlannerPlus Academy – unlock additional features and resources to help users make better decisions and feel more confident about their future. In this section, we will explore the key benefits of the paid plans and how they can enhance your retirement planning experience.

Additional 100+ Planning Inputs

Upgrading to PlannerPlus gives you access to over 100 additional planning inputs, allowing you to dive deeper into the details of your financial situation. This means more customization and a more accurate representation of your financial future, enabling you to make better-informed decisions.

Real-time Net Worth Monitoring

With real-time net worth monitoring, you can track your progress towards your financial goals and make adjustments as needed. This feature provides a complete picture of all your financial accounts in one place, and helps you stay on top of your finances and ensures that you’re on the right path to a secure retirement.

Personalized Digital Coach Suggestions

The PlannerPlus plan includes personalized digital coach suggestions, which provide tailored recommendations based on your unique financial situation. These suggestions can help you identify areas for optimization and avoid potential pitfalls, ultimately enhancing your retirement planning strategy.

Interactive Explorers and Deeper Insights

PlannerPlus subscribers can enjoy interactive explorers and deeper insights, allowing them to better understand their finances and explore various scenarios. This level of interactivity and detail helps users make more informed decisions and feel confident in their retirement plans.

Scenario Comparisons

With the ability to compare different scenarios, you can assess the impact of various choices on your financial future. This feature allows you to weigh your options and determine the best course of action to achieve your retirement goals.

Live Q&A Sessions and Intro to Planning Classes

As a PlannerPlus subscriber, you’ll gain access to PlannerPlus live Q&A sessions and Intro to Planning Classes, which provide valuable insights and support to help you navigate the complexities of retirement planning. These resources can boost your knowledge and confidence in managing your financial future.

PlannerPlus Academy Benefits

Upgrading to the PlannerPlus Academy plan offers even more benefits, including in-depth live classes with new topics every month, full access to all recorded classes, and priority product support. These resources can help you build confidence in your retirement planning know-how and ensure that you’re well-equipped to make informed decisions about your financial future.

For users who want to upgrade, there are two paid subscriptions, each billed annually:

  • PlannerPlus | $120/year
  • PlannerPlus Academy | $270/year

You can also try PlannerPlus with a 14-day free trial.

Can NewRetirement Help Me with Social Security Planning?

Yes, NewRetirement can indeed help you with Social Security planning. It recognizes that Social Security benefits play a vital role in most Americans’ retirement income, and so it includes several features and resources to assist users in making informed decisions about Social Security.

Firstly, NewRetirement’s planning tool has a built-in Social Security estimator that calculates your potential benefits based on your earnings record and the age you plan to start collecting benefits. It takes into account the complex rules and regulations of Social Security, including the impact of claiming benefits at different ages.

Remember, the age at which you start claiming Social Security can significantly impact the amount of your monthly benefit. If you claim before your full retirement age, you’ll receive a reduced monthly benefit. On the other hand, if you delay claiming until after your full retirement age, your benefit increases for each month you wait, up until age 70.

The ability to model different scenarios in NewRetirement’s planning tool can help you see the potential long-term impact of starting Social Security at various ages. By adjusting the age you plan to start collecting benefits, you can see how this decision might affect your overall retirement plan.

In addition to these built-in tools, NewRetirement also provides a wealth of educational content on Social Security, including articles, podcasts, and webinars. These resources can help you understand the complexities of Social Security and guide you in making decisions that best align with your retirement goals.

It’s important to note, however, that while NewRetirement can be a valuable tool for understanding and planning for Social Security, it is not a substitute for personalized advice from a financial advisor or Social Security expert. As with all aspects of retirement planning, it’s recommended to consider multiple sources of information and advice when making decisions about Social Security.

Can NewRetirement Help with Healthcare Planning?

Healthcare costs are a significant consideration in retirement planning, and many individuals find it challenging to estimate these expenses accurately. This is where NewRetirement shines. The platform acknowledges the role of healthcare expenses in your retirement planning and helps you account for these costs in your financial plan.

NewRetirement offers tools to estimate healthcare costs based on your personal information and retirement plans. You can input your current health status, projected healthcare needs, and any existing health insurance plans. NewRetirement’s advanced calculations then estimate your future healthcare costs, taking into account factors like inflation and increasing healthcare costs.

These healthcare cost projections can be integrated into your overall retirement plan, allowing you to see how different scenarios impact your financial future. For instance, you can test the effect of retiring early on your healthcare costs, or explore how relocating could affect your healthcare expenses.

Moreover, NewRetirement offers resources and support to help you understand your healthcare options in retirement. You can learn about Medicare, Medigap, and long-term care insurance, helping you make well-informed decisions about your healthcare coverage.

It’s important to note that while NewRetirement provides robust tools to estimate healthcare costs and plan for your healthcare needs, it does not replace professional medical or insurance advice. Always consult with healthcare and insurance professionals to understand your options and make the best decisions for your circumstances.

Can NewRetirement Help Me Save on Taxes?

Indeed, NewRetirement can aid in tax planning as part of its comprehensive retirement planning approach. Tax considerations play a critical role in retirement planning since they can significantly impact your retirement savings and income. The platform offers a range of features that can help you understand and manage your potential tax liabilities in retirement.

Tax Projections: NewRetirement’s planning tools include detailed tax projections. These provide estimates of your potential federal and state tax liabilities, both now and throughout retirement. The tool considers factors like income sources (e.g., Social Security, pensions, retirement account withdrawals), the state you live in, and tax rules applicable to different types of income. This feature can help you understand how much of your retirement income might go towards taxes, allowing you to budget effectively and avoid surprises.

Tax-Advantaged Strategies: NewRetirement can help you explore tax-advantaged strategies such as Roth conversions. For example, the tool can model the impact of converting a traditional IRA to a Roth IRA, which might result in tax savings over the long term. This allows you to assess potential tax strategies and see how they might impact your overall retirement plan.

Scenario Analysis: The ability to model various scenarios in NewRetirement’s planning tool can be beneficial for tax planning. For instance, you can explore the impact of relocating to a state with lower taxes or changing the timing of retirement account withdrawals. By modeling different scenarios, you can identify strategies that might help reduce your tax liabilities in retirement.

Educational Resources: In addition to its planning tools, NewRetirement offers a wealth of educational content on tax planning for retirement. This includes articles, podcasts, webinars, and classes, which can help you understand complex tax rules and learn about strategies to minimize your tax burden.

Is NewRetirement Hard to Use?

NewRetirement prides itself on its user-friendly interface, making it accessible for individuals regardless of their financial knowledge or technical expertise. Here are some of the ways in which the platform ensures a seamless user experience:

Intuitive Interface: The platform’s design is intuitive and easy to navigate. The dashboard is clearly laid out, providing a straightforward overview of your financial picture. You can easily find and adjust inputs, view your plan, and explore different scenarios.

Step-by-Step Guidance: When setting up your retirement plan, NewRetirement provides step-by-step guidance. It helps you input your financial information, walking you through each section with clear instructions. This makes it easy to get started, even if you’ve never used a retirement planning tool before.

Helpful Tooltips and Explanations: Throughout the planning process, you’ll find helpful tooltips and explanations. These provide additional context and clarify any potentially confusing terms or concepts, aiding in your understanding.

Robust Customer Support: If you encounter any difficulties while using the platform, NewRetirement offers robust customer support. This includes a handy chat feature that can quickly provide assistance.

Educational Resources: To further support user understanding, NewRetirement offers a wealth of educational resources. These include articles, webinars, and live classes that can help you better understand the platform and the intricacies of retirement planning.

Scenario Analysis: NewRetirement’s scenario analysis tools are designed to be easy to use. You can quickly and easily test out different ‘what-if’ scenarios to see how changes in your life or financial strategy might affect your retirement outlook.

However, as with any tool, there might be a learning curve when you first start using NewRetirement, especially if you’re new to retirement planning or not particularly tech-savvy. The platform handles complex calculations and models sophisticated financial scenarios, which may seem overwhelming at first. However, thanks to the intuitive design and plentiful support resources, most users quickly get comfortable with the tool.

Who is NewRetirement Best for?

NewRetirement aims to cater to a wide range of users, but some demographics may find the platform more beneficial than others. Let’s take a look at who NewRetirement is best suited for and how it can help them in their retirement planning journey.

  • DIY Retirement Planners: NewRetirement is an excellent choice for individuals who prefer to take a hands-on approach to their retirement planning. The platform’s user-friendly interface, comprehensive tools, and scenario analysis make it easy for users to create and manage their own retirement plans without the need for a professional financial advisor.
  • Individuals Nearing Retirement: For those approaching retirement age, NewRetirement provides a comprehensive suite of tools to help them plan for retirement and make well-informed decisions about their financial future. By offering detailed calculations, scenario analyses, and personalized recommendations, the platform helps users fine-tune their retirement strategy, ensuring they’re on track for a secure and comfortable retirement.
  • Early Retirement Seekers: NewRetirement is also a great fit for individuals aiming for early retirement or financial independence. The platform’s ability to model various scenarios and account for factors such as investment growth, tax implications, and changing expenses helps users understand the impact of different strategies on their early retirement goals.
  • Users Seeking Affordable Financial Guidance: For those who may not have the budget for a traditional financial advisor, NewRetirement offers a cost-effective solution for retirement planning. With its robust free plan and reasonably priced subscription plans, users can access valuable resources, tools, and support without breaking the bank.
  • People Looking to Optimize Their Retirement Strategy: NewRetirement is a great tool for individuals who want to explore different ways to optimize their retirement strategy. Whether it’s considering relocation, Roth conversions, or adjusting investment allocations, users can test various scenarios to determine the best course of action for their unique circumstances.
  • Users Wanting to Learn More About Retirement Planning: For individuals looking to expand their knowledge about retirement planning, NewRetirement’s wealth of resources, classes, and coaching options provide valuable insights and education. This makes it an excellent platform for those who want to learn more about the nuances of retirement planning and make well-informed decisions about their financial future.

Is NewRetirement Worth It? A Comparison with Traditional Financial Planners

NewRetirement has gained popularity for its robust free plan and affordable, comprehensive paid options. When comparing it to the cost of hiring a traditional financial planner, who typically uses similar tools, it becomes apparent that NewRetirement offers significant value. In this section, we will explore the benefits of using NewRetirement and compare its cost to that of engaging a financial planner.

  • Cost Comparison: Financial planners can charge varying fees depending on their service model, which may include hourly rates, fixed fees, or a percentage of assets under management. It’s not uncommon for financial planners to charge $1,000 to $3,000 for a comprehensive financial plan, or 1% to 2% of assets under management annually. In comparison, NewRetirement’s free plan offers a great starting point for retirement planning, while its PlannerPlus and PlannerPlus Academy plans cost $120/year and $270/year, respectively. This significant cost difference makes NewRetirement an attractive option for individuals seeking affordable retirement planning solutions.
  • Accessibility: NewRetirement’s platform is available 24/7, allowing users to access their retirement plan and update information at their convenience. This can be particularly beneficial for those who prefer to take control of their retirement planning process and make adjustments as needed. On the other hand, working with a traditional financial planner may require scheduling appointments and waiting for updates or recommendations.
  • Flexibility and Customization: NewRetirement enables users to test various scenarios and make adjustments to their retirement plans easily. This flexibility allows individuals to explore different options and optimize their strategies to achieve their unique goals. While financial planners can also create custom plans and provide personalized advice, the level of customization and hands-on control provided by NewRetirement is hard to match.
  • Learning Opportunities: By using NewRetirement’s tools and resources, users have the opportunity to learn more about retirement planning and make informed decisions. The platform offers educational resources, classes, and coaching options that can help individuals expand their knowledge and better understand their financial situation. While financial planners can provide valuable insights and guidance, the learning experience gained from using NewRetirement can be empowering for those who want to take an active role in their financial future.
  • Scalability: NewRetirement caters to a wide range of users, from those seeking basic retirement planning tools to individuals wanting more advanced features and support. The platform’s scalable plans allow users to choose the level of service that best suits their needs and budget. In contrast, financial planners may have a higher cost threshold and may not offer the same level of flexibility in terms of service offerings.

Is NewRetirement Secure?

When it comes to online platforms, particularly those dealing with sensitive financial data, security is a top concern for users. NewRetirement understands this and takes several measures to ensure the security and privacy of user information.

Firstly, NewRetirement uses bank-level encryption for data in transit and at rest. This means that your data is coded in such a way that it is unreadable to any unauthorized party trying to intercept it. In simple terms, even if a cybercriminal were somehow able to access your data, they wouldn’t be able to understand or use it.

Additionally, NewRetirement has implemented stringent cybersecurity practices and technologies, which includes regularly updated firewalls and continuous system monitoring to detect and prevent unauthorized access.

When it comes to privacy, NewRetirement is committed to protecting your personal information. They do not sell or share your data without your explicit consent. The platform also enables users to anonymize their data, meaning you don’t have to enter your real name or address if you prefer not to.

Lastly, while NewRetirement goes to great lengths to protect your data, it’s also essential for users to maintain good security practices. This includes keeping your login information secure, regularly updating your password, and ensuring the device you use to access the platform is protected against malware and viruses.

NewRetirement Review – Final Thoughts

NewRetirement has proven itself to be a powerful and comprehensive retirement planning tool, offering a wide range of features and resources to help individuals take control of their financial future. With its robust free plan and affordable paid subscriptions, it caters to various needs and preferences, making it an attractive option for those seeking to optimize their retirement strategy.

Whether you’re a DIY retirement planner, nearing retirement, or seeking financial independence, NewRetirement’s user-friendly interface and scenario analysis capabilities allow you to create a personalized plan tailored to your unique goals. The platform’s commitment to providing trustworthy and affordable resources, along with its accessibility and scalability, make it a valuable addition to your retirement planning toolkit.

NewRetirement is worth exploring for anyone interested in gaining a clearer understanding of their retirement prospects and identifying opportunities for optimization. With its affordable pricing and wealth of features, it provides a cost-effective alternative to traditional financial planners without sacrificing the quality of advice and support.

Don’t miss the chance to take control of your retirement planning and secure the financial future you deserve. Click here to start exploring NewRetirement’s powerful tools and resources today.

Frequently Asked Questions

NewRetirement is a comprehensive retirement planning tool designed to assist users in managing their financial future. It allows users to create, monitor, and update a personalized retirement plan based on their financial situation and goals.

Yes, NewRetirement can model complex scenarios such as market downturns, long-term care costs, and changes in living expenses. It also allows you to run various ‘what-if’ scenarios to understand potential outcomes.

Yes, you can try NewRetirement for free. They offer a Basic plan which is better than a simple retirement calculator and allows you to build a personalized retirement plan. With the Basic plan, you can get reliable planning answers and try “what if” scenarios. There’s no need to provide a credit card to access the Basic plan. You can start exploring NewRetirement’s free tools by signing up on their website.

NewRetirement is designed to be user-friendly, with an intuitive interface, step-by-step guidance, helpful tooltips, robust customer support, and a wealth of educational resources. While there may be a learning curve at first, particularly for those new to retirement planning or less tech-savvy, most users find the platform easy to use with time

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Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. After working many years in the website marketing industry, he decided to take on blogging full time and also get his finances headed in the right direction. Also check out his contributions to Equities.com and Benzinga.