New Retirement Working Session | Live Q&A
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- Опубликовано: 30 сен 2024
- Tonight we'll be working with New Retirement, a financial planning software designed specifically for individuals (most software is designed for advisors).
New Retirement: go.robberger.c...
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ABOUT ME
While still working as a trial attorney in the securities field, I started writing about personal finance and investing In 2007. In 2013 I started the Doughroller Money Podcast, which has been downloaded millions of times. Today I'm the Deputy Editor of Forbes Advisor, managing a growing team of editors and writers that produce content to help readers make the most of their money.
I'm also the author of Retire Before Mom and Dad--The Simple Numbers Behind a Lifetime of Financial Freedom (amzn.to/3by10EE)
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase and/or subscribe. However, I only recommend products or services that (1) I believe in and (2) would recommend to my own mom.
Thanks for doing this - very informative. I am new to you - Mr Berger - but have been a user of NR P+ for some while. I liked MaxiFi for the accumulation phase but like NR much better now that I am retired. Most of what you mentioned I had already experienced, but the one area I am now (thanks to you :) ) struggling is in the return rates vs inflation rates. You commented along the lines of a 2% return during inflation is pretty bad - I had not realized the interplay between those rates - had assumed return was on top of inflation. Now I'm not quite sure where to set each of them - have you done any more analysis on the interplay? Thanks very much! Steve
I've been using the New Retirement tool for over a year now and even upgraded to the paid version. WELL worth the money! It's easy to use and gives me the information I need to make informed decisions. I feel like I will be well prepared when I retire in a few more years.
I agree! I have been using it for 7 months and upgraded 4 months ago. Well worth the money even without the extra features and adjustability.
Thank you for going over New Retirement in detail. We use it for our retirement plan and you helped to clear up the many questions I had with this tool. Please continue showing examples. You do a great job and it’s much appreciated.
Question Rob: why doesn’t the tool show future cash flows in present value (current dollars)? Tool is less helpful without this
@robberger Have you ever investigated how NewRetirement handles Monte Carlo simulation? I am a subscriber to NewRetirement, however, I am not happy with how it handles Monte Carlo. For example, never in the Monte Carlo forecast does it show a decline like we actually saw in 2022.
Rob, I really enjoy your videos and have learned a lot. I have scoured the internet for an accurate investment and retirement calculator, and while I have amassed a nice nest egg, most of these projections seems wildly optimistic in terms of growth and when I can actually retire. Is there a specific tool/calculator and variable constants you like to use for these projections? Thanks
Thank you for this really informative video. Regarding the inflation and investment return connection, one way New Retirement can address it is to have an option to have the investment return as, say x%, above inflation. That way the investment return will float with what the inflation rate changes. This also is not ideal, but at least will offer another way to look at things.
Definitely trying NR now based on this video. Thanks for sharing your expertise, Rob!🙏
Very, very helpful! You saved me a lot of time to getting our plan started. Thanks Rob!
Does new retirement use house value as a source of income in retirement ?
I’ve been using NR PlannerPlus since before they offered a paid version. It’s my go-to planner for its flexibility. They continue to growth and expand and improve the tool all the time and what started out as a good tool is now a great tool. I also use Right Capital, another of the big advisor tools, and NR is close on several of its modules. In several respects, it’s significantly easier to use than RC which is what they’re going for. Great company who continue to be responsive to user wants and needs.
I have access to Right Capital and New Retirement and have dabbled with both. I am curious which you like better after a few months? Any favorites?
@@merk850 I’ve used both for three plus years and still use both. I don’t really have a favorite - I use these two plus several other tools to ensure that any biases are cancelled out between them. These are the only two I’ve ever paid for and I continue to. If money is a issue, since the RC was a one-time payment for access, I’d stick with it. NR is an annual fee, but it’s worth it to me.
Are you a financial planner or how did you get access to Right Capital?
i have watched this video ... probably five or more times ... it is EXCELLENT ... just recommend it to a co-worker a couple days ago ... you do TREMENDOUS work ... THANK YOU !!!
Assuming the folks at NR would be more likely to listen to your suggestions than mine, please think about the following: (1) They never give probability of success above 99%, which is fine, but they also say that this is based on the percentage of failed Monte Carlo tests. So 500 tests means around 5 failures, but I think they use an over-riding rule to never say 100% (2) They let you input detailed Medicare/medical costs data, but say if you do that the program does not generate IRMAA costs. They should allow the customized costs while still generating IRMAA costs. IRMAA costs are purely a function of MAGI, not affected by Medicare choices. (3) If you show a 529 account and model disbursements, the program acts like those disbursements are from your own money and show the balance as part of your net worth. I realize it is your money and with penalties is accessible, so this kind of makes sense, but for me I'm assuming I either use it for my kid or a relative if she doesn't use it up. So they should have a toggle allowing the user to "Exclude from costs and net worth".
Thanks for this--really great! Been using New Retirement for a month or two and have it built out quite thoroughly. This still helped me close some gaps. Not only that, bonus bass fishing tips at the end!
Yes $79 a year, I love it well worth the upgraded version
It's $120 a year now
Rob,
Great as usual. BTW why doesn’t NR handle transactional into like Personal Capital (Empower)? Hey should
I set up my information in the free version. I plan to get the paid version a few years before retirement. for now I am just saving to have more funds to manipulate later.
Based on your recommendation & and demonstration, I'm going to try New Restirement. I've been looking for this kind of software.
I have been using New Retirement for about 3 months. The Roth and Tax modeling is impressive.
Will this software give you advice as to which accounts to draw from in retirement?
The fishing digression at the end was hilarious.
Thank you for taking the time on this. I am about to sign on and wanted to get a feel for it before I starting diving in.
Watching some segments again now that I have my account set up.
How does this compare to personal capital free planner?
Rob... You do a great job! Thank you!
I signed up for a paid New Retirement account on your endorsement and I have been impressed by the capabilities and the continuous improvements. I haven't found anything better.
looks like a great tool that i will start using. Just a note that most of the features (Roth conversions, Income tax, real estate) Rob went over require the paid subscription. However the $99 per year subscription seems reasonable.
Why not link accounts to avoid the hassle of manual updating, particularly with encryption in place if that is a concern? Eventually, New Retirement needs to recognize all the funds and model allocation to really be effective.
I'm new to New Retirement but so far find it is really helpful and worth the cost. I'd like to get your opinion as to how I might want to track real-estate within New Retirement (or Personal Capital for that matter) where I'm the co-signer on the mortgage but the home is not my primary home mortgage. I'm currently not making the mortgage payments on this second home but will be responsible if the other co-signer is not able to make the payment or passes. If either of those situations occur, as also the executor of that estate, I'll be responsible to facilitate the division of any returns on the sale of that property among survivors.
I love my New Retirement account! It let’s me walk through all of the items to consider for retirement… From income flows to expenses to insurance to long-term health care to Roth conversions to goals to estate planning! I still consider myself from Nause and using the tools, because there are so many of them, but this is the type of forum that I’m looking forward to in building confidence and driving my financial future.
Thank you for the great content! Under the Relocate option, does the Outside US then show countries? My initial list is Brazil and Panama. If so, can it include exchange rate? Meaning I rent out my California home, and that can show as the dollar in Panama or Real in Brazil? Then, I can enter my rental costs in those countries at their currency? Also, I believe there's an area enter "one-time" expenses? So, I decide to move to Brazil and need to account for moving costs, i.e., container shipment of my stuff from California to Brazil (or Panama). I have Long Term Care insurance, but it does not cover me outside the US. So, if I become an ex-pat in retirment, I'm assuming there's a way to create that scenario and how it will affect expenses if I need LTC in a foreign country? This would really be a valuable tool for a potential ex pat!
This comment is before I watch the full episode Rob. I downloaded the Android version and tried it out for about 45 minutes and I can say this the free version of it is incredibly Limited if I were going to use this I would pay for the subscription right away. I think I better try the PC version my company just gave me a Windows 10 computer and I'm standing up all of my financial programs on it tonight I'm really excited
You might want to consider redoing this video....