As retirement looms closer, a lack of financial preparation can be a daunting and overwhelming burden to face. No one wants to think about the future but, unfortunately, it’s necessary.
Thankfully, there are a variety of tools and resources available to help individuals prepare for this next chapter in their lives.
One such resource is NewRetirement, a comprehensive financial planning and tracking website for individuals wanting to ensure their golden years are safe and secure.
In this NewRetirement review, we’re going to highlight what it is and how you can get the most out of it.
What is NewRetirement?
Stephen and Tim Chen founded NewRetirement in 2005 with the sole purpose of providing individuals with the necessary tools to plan the retirement they’ve always wanted. It offers a user-friendly platform designed to help you navigate the complexities of financial planning for the future.
And NewRetirement makes it affordable so you don’t have to use half of your 401(k) to pay a financial advisor.
Whether you are looking to create a budget, manage your investments or analyze your retirement income, NewRetirement provides a full spectrum of tools to help you make informed decisions for your financial future.
NewRetirement Review: What We Like About It
One of our favorite features of NewRetirement is its holistic approach to retirement planning. With its wide range of budgeting, investing and income-tracking tools, NewRetirement provides a complete picture of your financial situation.
This approach helps you identify areas for improvement so you can create a comprehensive retirement plan, taking into account all aspects of your financial well-being.
Additionally, budgeting is a critical factor in retirement planning and NewRetirement offers an intuitive budgeting tool that allows users to easily categorize and track their expenses. It automatically imports transactions from connected bank accounts and allows you to manually add your own expenses.
Once expenses are entered, you can easily put them into different categories such as housing, utilities, food, groceries and healthcare. NewRetirement then calculates the total expenses for each category and presents the data in an easy-to-use dashboard.
Investment tracking is another area where NewRetirement shines. It allows users to link their investment accounts, automatically tracking the performance of each account.
You can also view the value of your portfolio over time and analyze the performance of individual investments. NewRetirement also provides insights and recommendations to enhance your portfolio.
The platform also allows users to model different scenarios, such as early retirement or a change in social security benefits, to see how those changes would affect their retirement income.
What We Don’t Like
One potential drawback of NewRetirement is its pricing structure. It offers a free version, which includes budgeting and investment tracking tools, as well as limited retirement income analysis.
To access all the features, however, you must have a paid subscription that starts at $12 per month. While the pricing structure may be a drawback for some, the value provided by NewRetirement makes it a worthwhile investment for those looking to make the most of their golden years.
And this annual $120 is still cheaper than other platforms such as Motley Fool’s Rule Your Retirement.
Additionally, NewRetirement doesn’t have a mobile app. So tracking your retirement portfolio on the go isn’t an option.
Best NewRetirement Features
NewRetirement boasts many features that are an extension of what we like about it. A few of them are:
- Active community – NewRetirement’s platform offers social forums for users to interact with one another and share insights and advice.
- Analyze retirement income – NewRetirement generates a detailed report outlining your estimated retirement income. All you have to do is input your pensions, social security and retirement accounts.
- Educational resources – Coaching and classes are offered on NewRetirement’s platform to help you make informed decisions.
How NewRetirement Compares
There are many other platforms on the market that help individuals plan for retirement. One of the most popular is Motley Fool’s Rule Your Retirement.
While other platforms offer many of the same benefits, NewRetirement stands out in a few ways.
First, it’s cheaper. Though $120 per year may be a stretch for some, it would be difficult to find a better deal for better value.
More importantly, NewRetirement is completely objective and unbiased. Other platforms are often affiliated with specific financial advisors–meaning they may attempt to sell you things you don’t need. Not NewRetirement.
NewRetirement’s only agenda is making sure you safely plan for retirement.
A Final Note
Overall, NewRetirement is an excellent resource for individuals looking to optimize their retirement finances.
With its comprehensive approach to budgeting, investment tracking and retirement income analysis, the platform provides a complete picture of an individual’s financial standing. Its supportive community and wealth of resources make it an invaluable tool for anyone seeking to navigate the overwhelming world of retirement planning.
If you believe NewRetirement may be for you, click here to start taking control of your future.