What To Know Before Subscribing To New Retirement – Is This Retirement Planning Tool Worth It?

Jeremy BiberdorfBy: Jeremy Biberdorf

December 5, 2023December 5, 2023

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In this NewRetirement review, I will divulge what to know before subscribing to NewRetirement. NewRetirement is designed to provide users with a comprehensive tool to manage their retirement effectively. It encompasses a broad range of factors including taxes, income, real estate, debt, personal goals, medical considerations, and many others. This holistic approach allows users to gain a clear understanding of their retirement status and how to maintain their trajectory towards their goals.

Gone are the days of laboriously updating spreadsheets each month for retirement planning. Fintech platforms like NewRetirement have simplified this process, offering intuitive tools that take the guesswork out of planning for retirement. Whether you are in the pre-retirement phase or already retired, NewRetirement aims to enhance your retirement success through detailed planning and continuous management.

By addressing a wide array of retirement-related factors, it offers users a clear and detailed roadmap for their retirement journey, making it a potentially excellent choice for anyone serious about planning for their retirement. But is it worth the subscription cost? Read on to decide for yourself.

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What To Know Before Subscribing To New Retirement

There are a few considerations I will cover before you are equipped with the necessary information to decide whether subscribing to New Retirement is right for you. But first, let’s be clear on what New Retirement is and isn’t.

What is New Retirement?

NewRetirement, established in 2015 by Stephen Chen, is a digital platform designed to assist individuals in financially preparing for retirement. The genesis of NewRetirement can be traced back to Chen’s personal experience. When he and his brother Tim were unable to find suitable online tools to aid their mother’s retirement planning, Stephen decided to create a solution himself.

Based in the San Francisco Bay Area, NewRetirement has evolved to specialize in offering not just retirement planning tools, but also educational content and a community for investors aiming for financial independence and confidence in their financial planning. The platform is characterized by its do-it-yourself (DIY) approach to retirement planning, addressing a gap Chen identified through his family’s experience.

The platform stands out for its independent, user-friendly, and educational approach to retirement planning, making it a significant tool for those navigating the complexities of preparing for retirement.

Benefits of Subscribing to New Retirement

Here are the benefits of New Retirement that I believe will make the subscription worth it for many people:

  • Dashboard Overview: Provides a quick glance at the health of your retirement plan, including income scores and the likelihood of achieving retirement goals.
  • Retirement Planner: The core feature where users input their financial information to assess retirement readiness and create a comprehensive financial plan.
  • Insight Library: Includes tools for retirement projections like lifetime retirement projections and cash flow forecasts.
  • Advanced Analytics: Offers tools such as Monte Carlo analysis, Social Security exploration, and Roth conversion exploration for in-depth planning.
  • Scenario Analysis: Enables users to explore various retirement scenarios, like relocating or converting to a Roth IRA, to optimize their plans.
  • Educational Resources: Provides coaching, classes, and group support, with additional retirement planning classes available in the PlannerPlus Academy.
  • Robo-Advising: Offers personalized recommendations to highlight potential errors and optimization opportunities.
  • Diverse Calculators: Features specialized calculators like Roth Conversion and Lifetime Annuity Calculators.
  • Responsive Customer Support: Includes email and chat options, regular “Office Hours” for inquiries, and video tutorials for platform navigation, with a more personalized Advisor package available for tailored financial counsel.

Drawbacks of Subscribing to NewRetirement

Here are the main drawbacks of NewRetirement that might make some potential customers think twice before subscribing:

  • Limited Relevance for Specific Professions: The software’s financial models and assumptions may not accurately reflect the unique financial pathways of certain professions, such as doctors. For example, its student loan section may not adequately address the complexities of those with significant student loans, like those considering Public Service Loan Forgiveness (PSLF).
  • Lack of Personalization in Output: The main output of the software is the “chance of success” for your retirement plan, rather than providing a detailed breakdown of how much you can spend annually (“income smoothing”), which some competitors offer. This approach is more about the software’s philosophy rather than a practical limitation.
  • Paid Subscription for Advanced Features: Access to many of NewRetirement’s tools and simulators, including the budgeting tool, requires a paid subscription. This may limit the functionality available to users of the free version.
  • Inability to Link Accounts in Free Version: The free version of NewRetirement does not allow users to link their financial accounts. This feature is only available in the paid version, which may be a significant drawback for those seeking comprehensive account integration.
  • No Wealth Management Services: Unlike some competitors in the retirement planning space, NewRetirement does not offer wealth management services. Users looking for a more holistic financial management solution, including investment advice and wealth management, may find NewRetirement lacking in this aspect.

New Retirement Pricing

One of the deciding factors for any subscription service is the cost, once you have this information, you can assess the product’s value based on your circumstances. Here is the breakdown of the NewRetirement pricing tiers and what is included in each:

  • Planner Basic: This free plan allows access to a robust planning tool, more comprehensive than a standard retirement calculator. No credit card is required to create an account and get started.
  • PlannerPlus: Priced at $120/year, this plan unlocks additional features like nearly 250 planning inputs, advanced charting (including Monte Carlo analysis), a digital coach for alerts and wealth optimization suggestions, tax projections, Roth conversion explorer, and real estate modeling. It also includes access to an 8-session Intro to Planning course. A 14-day free trial is available before billing.
  • PlannerPlus Academy: At $270/year, this tier offers all PlannerPlus features plus monthly personal finance classes, Q&A sessions, and enhanced customer support. However, it does not provide access to personal financial advisors.

Final Thoughts

In this NewRetirement review, I’ve covered essential information about what to know before subscribing to New Retirement. The platform stands out as one of the best net worth trackers, offering a comprehensive suite of tools for retirement planning, from basic budgeting to in-depth financial projections. With its tiered subscription model, NewRetirement caters to a wide range of planning needs, although it focuses more on self-guided strategies without providing wealth management services.

For those considering a detailed, DIY approach to retirement planning, NewRetirement offers valuable insights and tools. To learn more about how NewRetirement can fit into your financial planning and to explore its features further, Click Here.

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Jeremy Biberdorf
Jeremy Biberdorf

About the Author:

Jeremy Biberdorf is the founder of Modest Money. He's a father of 2 beautiful girls, a dog owner, a long-time online entrepreneur and an investing enthusiast.

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