Are you looking for a convenient tool to help you plan and track your retirement goals? Then you might be interested in learning what is NewRetirement. As a robust platform that empowers individuals to take control of their retirement, NewRetirement is an efficient solution to keep you on track for a financially stable retirement. In this NewRetirement review, we dive into the features, tools, pros, and cons of this popular financial planning platform.
The Origins of NewRetirement
NewRetirement, an online platform dedicated to retirement planning, was conceived in 2005 by brothers Stephen and Tim Chen. They recognized the necessity for a reliable, accessible tool to assist their mother in strategizing her retirement. Their insight was the impetus that led to the creation of NewRetirement in the city of San Leandro, California. Over the years, the platform has blossomed from its humble origins into a service that offers individualized retirement planning to people all over the globe.
NewRetirement: Key Features and Tools
NewRetirement, unlike some financial planning entities, doesn’t manage its users’ investments directly. Instead, it supplements the capabilities of your existing broker or robo-advisor, providing a comprehensive suite of tools and resources designed to enhance your overall financial planning. It’s important to note that NewRetirement’s services aim to complement rather than substitute your existing financial management arrangements, creating a more holistic and personalized approach to retirement planning. Some of its most popular offerings include:
The Free Planner: The Free Planner offered by NewRetirement is a popular tool designed to help users develop a personalized retirement plan in a swift 5 to 10 minutes. This tool integrates an indispensable retirement calculator and score, which aids in forecasting retirement income versus expenses, considering factors like Social Security, any pension, part-time work, and taxes.
NewRetirement PlannerPlus: Priced at $120 per year, this popular option includes everything available in the Free plan, along with some additional benefits. These benefits include an additional 100+ planning inputs, realtime net worth monitoring, personalized digital coach suggestions, interactive explorers, deeper insights, scenario comparisons, live Q&A sessions, and introduction to planning classes.
PlannerPlus Academy: This top-tier option costs $270 per year and includes everything from the PlannerPlus tier. Additionally, it offers a full walkthrough of the user’s existing situation, a comprehensive plan of action, scheduled check-in meetings, and as-needed access to a Certified Financial Planner (CFP).
Advisory Services: NewRetirement is not only a planning platform but also offers advisory services with Certified Financial Planners (CFPs), live coaching sessions, and calculators for retirement, social security, lifetime annuity, and reverse mortgage. It even provides live and recorded classes to enhance your financial knowledge.
While the pricing structure may be a drawback for some users, the value provided by NewRetirement makes it a worthwhile investment for those looking to make the most of their retirement years. For users requiring more advanced features, the paid subscriptions offer enhanced capabilities such as additional planning inputs, real-time net worth monitoring, personalized digital coach suggestions, and more. NewRetirement’s pricing offers flexibility and caters to the different financial planning needs of users, from those who prefer free basic planning tools to those who require more comprehensive retirement planning resources.
Pros and Cons of NewRetirement
Now that we have some basic information about the platform down, let’s go into a deeper analysis of the pros and cons of the platform. Here are some benefits:
Comprehensive retirement planning tools: NewRetirement offers detailed and robust tools for retirement planning. It helps users build a customized retirement plan, make sure they’re on track to retire comfortably, and provides an overview of savings.
Educational content and resources: NewRetirement provides educational content to users, which can be helpful for understanding and navigating the complexities of retirement planning.
Scenario modeling: One unique feature of NewRetirement is the ability to model various scenarios to see potential impacts on your retirement. For example, you can simulate relocation to a different state and analyze the potential financial implications.
User support: NewRetirement provides one-on-one product support via Zoom calls and access to a financial advisor to help create a personalized retirement plan.
Community: The platform fosters a community of like-minded investors, which can be a valuable resource for users.
Although the aforementioned benefits of NewRetirement are enticing, it is important to point out that this service may not be for everyone. Although NewRetirement offers comprehensive planning tools, it does not manage your investments directly. Users will still need to work with a broker or a robo-advisor to execute their retirement plan.
What Is NewRetirement: Final Say
NewRetirement is an online platform that aids users in crafting a personalized plan for retirement. It is a trustworthy, solid offering from a CEO with an impressive financial and software background. It also has a variety of offerings for different users, and is flexible enough to do advanced scenario analysis for someone looking for retirement. So, if you’ve been wondering “what is NewRetirement,” try it out today and see how it can help you create a safe and secure retirement.
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