NewRetirement vs Empower 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
 

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Empower and NewRetirement are leading platforms in financial planning, each with a unique approach. Empower, known for its dynamic personal finance management, offers features such as automated savings, cashback rewards, and personalized advice.

In contrast, NewRetirement focuses on comprehensive retirement planning, considering various factors like taxes, income, and healthcare to offer detailed projections and scenarios for retirement.

Stay tuned for the rest of this comparison article, as we will look at NewRetirement vs Empower in many categories, and eventually choose an overall victor.

For more detailed analysis of each product check out our full reviews:

NewRetirement is Better for:Empower is Better for:
Individuals focused on detailed retirement planningUsers seeking cashback rewards and automated savings
Users who appreciate comprehensive tax, healthcare, and income analysisThose who prefer personalized financial advice
Those seeking educational resources on retirement planningIndividuals wanting a mobile app for financial management
Individuals who prefer a web-based platformUsers looking for a broad overview of personal finances
People looking for customizable retirement scenarios and projectionsPeople interested in investment tracking and management

Introducing the Platforms

NewRetirement

NewRetirement offers an in-depth approach to retirement planning. Its platform allows users to input a wide range of financial data, including taxes, income sources, and expected healthcare costs, to create detailed retirement scenarios. NewRetirement is ideal for those who want a focused and thorough plan for their retirement, with tools and resources to explore various “what-if” situations.

Full NewRetirement Review

Empower

Empower stands out with its user-friendly mobile app, offering automated savings, personalized financial advice, and a suite of tools to manage investments, savings, and spending. Empower integrates various financial accounts, providing a unified view of personal finances, making it an excellent choice for those seeking a comprehensive and proactive financial management solution.

Full Empower Review

NewRetirement logo Empower logo
Type of Service In-depth retirement planning Comprehensive financial management
Best Use Individuals focused on detailed retirement planning, considering taxes, income, and healthcare Users seeking a broad overview of personal finances, including investment tracking and management
Customer Support Email support, live Q&A sessions Responsive chat and email support
Unique Features Detailed retirement scenarios, tax and healthcare planning, educational resources Automated savings, cashback rewards, personalized financial advice
Integration Limited to retirement account integrations Wide range of financial account integrations
Modest Money Review NewRetirement Review Empower Review
Current Promotion

More Info

More Info

Modest Money Overall Rating
5.0 rating based on 5 ratings
4.6 rating based on 5 ratings
NewRetirement logo
Type of Service In-depth retirement planning
Best Use Individuals focused on detailed retirement planning, considering taxes, income, and healthcare
Customer Support Email support, live Q&A sessions
Unique Features Detailed retirement scenarios, tax and healthcare planning, educational resources
Integration Limited to retirement account integrations
Modest Money Review NewRetirement Review
Current Promotion

More Info

Modest Money Overall Rating
5.0 rating based on 5 ratings
Empower logo
Type of Service Comprehensive financial management
Best Use Users seeking a broad overview of personal finances, including investment tracking and management
Customer Support Responsive chat and email support
Unique Features Automated savings, cashback rewards, personalized financial advice
Integration Wide range of financial account integrations
Modest Money Review Empower Review
Current Promotion

More Info

Modest Money Overall Rating
4.6 rating based on 5 ratings

Factor 1: Retirement Planning

NewRetirement excels in providing detailed retirement scenarios

  • Empower offers basic retirement planning within a broader financial management context.
  • NewRetirement is preferred for its comprehensive retirement planning tools.

NewRetirement’s platform shines in retirement planning, with its ability to incorporate a wide array of factors like healthcare, taxes, and various income sources into its projections. Users can create multiple retirement scenarios, adjusting for different variables to see the potential impact on their retirement plans. This level of detail is invaluable for those looking to understand the nuances of retirement planning and make informed decisions.

Empower, while offering a robust set of tools for general financial management, including savings and investments, provides a more basic approach to retirement planning. It allows users to set retirement goals and track progress but lacks the depth and customization options available in NewRetirement. For users primarily focused on retirement, NewRetirement’s targeted features may be more beneficial.

Get Started With NewRetirement

Factor 2: User Interface and Accessibility

Empower offers a user-friendly mobile app for on-the-go financial management

  • NewRetirement provides a detailed web-based platform for retirement planning.
  • Empower is preferred for its ease of use and mobile accessibility.

Empower’s mobile app is a standout feature, offering users the convenience of managing their finances anytime, anywhere. The app’s design is intuitive, making it easy for users to navigate through various financial tools and features. This accessibility is a significant advantage for those who prefer managing their finances on mobile devices.

NewRetirement’s web-based platform, while not offering a mobile app, provides a comprehensive and user-friendly interface for retirement planning. The platform is designed to guide users through the process of creating a detailed retirement plan, with clear instructions and helpful tooltips. While the lack of a mobile app may be a drawback for some, the depth and quality of the planning tools available on NewRetirement’s platform make it a strong contender for those focused on retirement planning.

Get Started With Empower

Factor 3: Investment Tracking and Management

Empower provides features for investment tracking and personalized investment advice

  • NewRetirement focuses on retirement savings and projections, with less emphasis on investment management.
  • Empower is preferred for users looking for active investment management tools.

Empower’s investment tracking and management tools are comprehensive, offering users insights into their investment portfolios and personalized advice based on their financial goals and risk tolerance. This makes Empower an attractive option for users who are actively managing their investments and looking for guidance to optimize their investment strategy.

While NewRetirement offers some functionality for tracking retirement savings and investments as part of the overall retirement plan, it does not provide the same level of investment management features as Empower. For users whose primary focus is on managing and optimizing their investment portfolios, Empower’s dedicated investment tools may be more aligned with their needs.

Factor 4: Educational Resources and Support

NewRetirement offers extensive educational resources and support for retirement planning

  • Empower provides general financial advice and tips within the app.
  • NewRetirement is preferred for its comprehensive educational content and support options.

NewRetirement stands out for its commitment to providing users with extensive educational resources and support related to retirement planning. The platform offers articles, webinars, and live Q&A sessions that cover a wide range of retirement planning topics, from Social Security to healthcare in retirement. This wealth of information is a significant benefit for users looking to deepen their understanding of retirement planning and make informed decisions.

Empower, while offering financial advice and tips through its app, does not provide the same level of targeted educational content and support as NewRetirement. Users looking for in-depth information and guidance specifically related to retirement planning may find NewRetirement’s resources more valuable.

Factor 5: Pricing and Value

NewRetirement offers a robust free plan and affordable premium options for in-depth retirement planning

  • Empower’s pricing is competitive for the comprehensive financial management features it provides.
  • NewRetirement is preferred for its cost-effective retirement planning solutions.

NewRetirement’s free plan is notably robust, providing users with a solid foundation for retirement planning without any cost. The platform’s premium options, PlannerPlus and PlannerPlus Academy, are affordably priced and offer additional features and resources that enhance the retirement planning experience. This makes NewRetirement an attractive option for users looking for a cost-effective way to create a detailed retirement plan.

Empower’s pricing is competitive, considering the broad range of financial management features it offers, including budgeting, savings, investment management, and personalized advice. For users seeking a comprehensive financial management platform, Empower provides good value for its price. However, for those specifically focused on retirement planning, NewRetirement’s targeted and affordable options may offer more value.

The Verdict

Both Empower and NewRetirement offer valuable tools and features for financial planning, each with its strengths. Empower’s comprehensive financial management platform, including investment tracking and a user-friendly mobile app, makes it a great choice for users looking for an all-in-one financial solution.

On the other hand, NewRetirement’s focus on in-depth retirement planning, with its detailed projections, educational resources, and affordable pricing, makes it the preferred option for users who are specifically focused on preparing for retirement. All in all, NewRetirement wins the matchup by just a hair.

To begin your journey with NewRetirement and take control of your retirement planning, click here. If Empower’s all-in-one financial management approach resonates with you, start exploring its features and tools by clicking here.

Learn More About NewRetirement

Learn More About Empower