NewRetirement vs Personal Capital 2024

Jeremy Biberdorf
By: Jeremy Biberdorf
 

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Navigating the realm of retirement planning can be overwhelming with a plethora of tools available at our fingertips. Two standout platforms, NewRetirement and Personal Capital (recently rebranded as Empower), have carved their niches in the market by offering unique features tailored to different financial planning needs.

This article delves into the strengths and weaknesses of each platform to help you make an informed decision tailored to your retirement planning needs.

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

NewRetirement is Better for:Personal Capital is Better for:
Best for individuals seeking affordable planning with optional advisor support.Suitable for those needing advanced financial tools like Investment Checkup and Fee Analyzer.
Suitable for users looking for detailed tax, healthcare, and Social Security planning.Ideal for individuals interested in tax optimization strategies like tax-loss harvesting.
Effective for visual learners with graphical reports and real-time net worth monitoring.Great for users who prefer a blend of tech-driven insights with human financial advisor support.

Introducing the Platforms

NewRetirement

Founded in 2005, NewRetirement strives to make retirement planning accessible and affordable. It’s a platform designed to provide users with comprehensive tools to manage their retirement effectively, considering a wide range of financial factors including taxes, healthcare, and Social Security.

NewRetirement’s self-directed tools, combined with the option for personalized advice through PlannerPlus and PlannerPlus Academy, make it a versatile choice for individuals at various stages of their retirement planning journey.

Full NewRetirement Review

Personal Capital

Personal Capital, now known as Empower, stands out as a hybrid financial advisor that combines advanced digital tools with personalized advisory services. It offers users a holistic view of their financial life, from budgeting and expense tracking to sophisticated investment management and financial advice.

With features like the Investment Checkup and dedicated financial advisors, Personal Capital caters to users looking for a comprehensive approach to managing their wealth and investments.

Full Review of Empower

NewRetirement Personal Capital
Core Focus Retirement planning Wealth management and investments
User Experience Detailed planning tools, no mobile app Intuitive app, advanced financial tools
Pricing Free basic plan, affordable premium plans Free financial tools, fee-based advisory service
Investment Support Basic investment tracking Comprehensive investment management
Advisory Services Optional financial planner support Access to human financial advisors
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
Core Focus Retirement planning
User Experience Detailed planning tools, no mobile app
Pricing Free basic plan, affordable premium plans
Investment Support Basic investment tracking
Advisory Services Optional financial planner support
Modest Money Review NewRetirement Review
Current Promotion

More Info

Modest Money Overall Rating
5.0 rating based on 5 ratings
Personal Capital
Core Focus Wealth management and investments
User Experience Intuitive app, advanced financial tools
Pricing Free financial tools, fee-based advisory service
Investment Support Comprehensive investment management
Advisory Services Access to human financial advisors
Modest Money Review Empower Review
Current Promotion

More Info

Modest Money Overall Rating
4.6 rating based on 5 ratings

Factor 1: Retirement Planning Depth

NewRetirement offers a laser-focused approach to retirement planning with a detailed scenario analysis

  • Personal Capital provides a broader wealth management perspective with retirement tools included.
  • NewRetirement is favored for its specialized and comprehensive retirement planning features.

NewRetirement excels in offering users an in-depth platform specifically designed for retirement planning. Its ability to simulate various retirement scenarios, coupled with tools for healthcare and Social Security planning, gives users a holistic view of their retirement future. The platform’s emphasis on visual analytics also aids in understanding complex financial data easily.

Factor 2: Investment Tracking and Management

Personal Capital shines with its comprehensive investment management features and real-time portfolio insights

  • NewRetirement provides basic investment tracking suited for retirement-centric portfolios.
  • Personal Capital wins this factor for its robust investment tools and personalized wealth management services.

Personal Capital’s strong suit is its extensive investment tracking capabilities and sophisticated financial tools like the Investment Checkup and asset allocation insights. The platform’s ability to offer personalized investment advice and strategies, including tax-loss harvesting, makes it an invaluable tool for users with diverse investment portfolios seeking to maximize their returns.

Factor 3: User Accessibility and Experience

Personal Capital offers a user-friendly interface with a comprehensive app that integrates all financial management needs

  • NewRetirement focuses on detailed web-based tools, lacking a dedicated mobile app for on-the-go management.
  • Personal Capital takes the lead for its seamless user experience and mobile accessibility.

The user experience with Personal Capital is streamlined and intuitive, thanks to its well-designed app that allows users to manage their finances, investments, and retirement plans all in one place. The platform’s ease of use and accessibility make it an excellent choice for users who prefer managing their financial lives on the go.

Factor 4: Pricing and Value

NewRetirement provides a free robust plan with affordable options for users seeking more advanced features and personalized advice

  • Personal Capital offers free financial tools with a fee-based model for its advisory services, which might be higher for some users.
  • NewRetirement is preferred for its cost-effective plans and the significant value provided even in its free version.

NewRetirement stands out for its commitment to making retirement planning both accessible and affordable. Its free basic plan offers substantial value, and the premium options remain competitively priced, providing a wide range of features without a hefty investment.

Factor 5: Advisory Services

Personal Capital offers a unique blend of technology-driven insights with the personal touch of dedicated financial advisors

  • NewRetirement provides optional access to financial planners and coaches, primarily focusing on self-directed tools.
  • Personal Capital is favored for individuals seeking a comprehensive advisory service blended with advanced digital tools.

Personal Capital’s advisory services are a key differentiator, offering users access to a team of financial advisors who provide personalized guidance. This human element, combined with sophisticated financial tools, makes Personal Capital an attractive option for users looking for a more hands-on approach to their financial management.

The Verdict

When it comes to choosing between NewRetirement and Personal Capital, the decision largely hinges on your specific financial needs and planning focus. For those prioritizing comprehensive retirement planning with a detailed approach to various retirement scenarios, NewRetirement offers a tailored and cost-effective solution.

On the other hand, Personal Capital, with its broad wealth management services, investment insights, and a blend of digital and human advisory services, is well-suited for users with complex financial portfolios seeking a holistic approach to their financial management. In this comparison, Personal Capital takes the slight edge.

For individuals leaning towards the specialized retirement planning and affordability of NewRetirement, click here to explore its features and start planning for a secure retirement. If the comprehensive wealth management services and personalized advice of Personal Capital align more closely with your financial goals, click here to begin your journey toward financial empowerment.

Get Started With NewRetirement

Get Started With Personal Capital