Over the past week, I've shared two terrific retirement planning tools. First, I explored the pros and cons of Personal Capital. Next, I looked at OnTrajectory, which is the best traditional retirement calculator I've found.
Today, I want to talk about NewRetirement. Since I discovered it two years ago, NewRetirement has become my favorite tool for retirement planning.
I like NewRetirement because it offers amazing levels of customization. Plus, it explains its assumptions and offers ample information about every subject it tackles. And it does all of this without ever becoming overwhelming. It's comprehensive and customizable, yet clear. Most importantly, NewRetirement is more than just a retirement calculator. When I say it's a retirement planning tool, I mean that.
NewRetirement offers three levels of service.
- Planner, the basic level of service — and the bulk of what I'll review in this article — is free. You do need to provide an email address, but once you do, you're able to create a personalized retirement plan. (I'll show you what that's like in a moment.)
- If you like the basic level of service and want more, you can upgrade to PlannerPlus for $6/month. This gives you access to advanced retirement planning tools, more detailed reports, and the ability to print your plan. (NewRetirement is offering GRS readers a 30-day free trial of PlannerPlus, by the way.)
- At the highest level, you can pay NewRetirement for personalized advice from a Certified Financial Planner. Unlike Personal Capital, NewRetirement won't pester you over and over to use their advisors. But the service is available for those who need it.
As I mentioned, I've been using NewRetirement for a couple of years. In order to give an honest and complete review today, I created a second NewRetirement account and walked through the process of setting everything up from scratch. Do I still like the tool as much as I did in April 2017? Let's find out. [Read more…]