The BEST DIY Retirement Software? A CFP® Reviews New Retirement.

[@ProPilotWannaBe]

You mentioned in the video that there isn't a way to project expenses as a "smile" curve with NewRetirement, but you can actually setup a profile to your choosing in the Basic Budgeter. By default, it has a "General Recurring". I changed that to a "Pre-Retirement" profile (that ran "today" through "Retirement"), an "Early Retirement", and a "Late Retirement" profiles. You can make as many profiles as you wish, with varying amounts and start/end dates.

[@kimfleck4439]

I find nearly all retirement advice on line is geared toward couple retirees examples. Would you please create a video solely for single retirees. Appreciate it!

[@kwfannin]

Been using NR for 6 months pre-retirement. I had a bit of learning curve but they do offer help. Feeling much better about retirement in a couple of years.

[@rickstephan6707]

DIY’r here…also a long time subscriber to your channel (one of your 5K LA RC users)…also a long time NR subscriber. I don’t disagree with anything you said about NR. However, @20:10 you misspoke saying “…my biggest issue with RC…” (while speaking about NR Rates of Return). That said, I agree and I have requested that NR give us the option to use historic rates of return (which should address your issue). The bottom line w/NR is that - in addition to the helpful Coaching, Insights and etc. that you mentioned - they also have extensive online Help, provide periodic interactive webinars, and have their own YT channel as well.

[@J-2024-v8i]

Regarding Roth conversions, one advantage of NR is that you can choose when and how much you want to convert for each individual conversion, while RC only gives you the option of filling up a tax bracket with conversions every year you are below that tax bracket. This is important if you want to do a limited number of conversions, or convert in alternate years, or wait to convert until you are on Medicare and maybe stop when reaching SS or RMD age. RC does not give you that flexibility, at least not in the limited access version.

[@SeekAliveness]

Does NR give the option to model mixing Roth conversions and capital gains harvesting? I’m still trying to figure out whether keeping taxable income low for the ACA subsidy is the best option. But if I decide to do conversions it would likely be Roth conversions to the 10% bracket and then filled the rest of the 0% LTCG bracket- I haven’t seen any software that helps model a combination like that. In RC, I just have to model each of them independently.

[@J-2024-v8i]

@@SeekAliveness you can probably enter the Roth conversions up to the 10% bracket but I don’t think you can control how much of your expense need will be basis and how much LTCGs, as NR does not know your individual holdings and unrealized gains, as it only uses the average basis of the account to calculate drawdown and tax, while the total balance is calculated based on an average rate of return that you provide.

[@Iknowcephorous]

Really appreciate this video, Kevin, as I found your set of videos and the NR tool independently, and assessed both to be solid validation of some of my own calculations and conclusions. It is confidence-building when various independent sources of guidance largely converge, and start to review each other, much as science is supposed to work (peer review). Seems to be the case here, and thanks again!

[@cascadiadesign]

Great timing - I was planning to download New Retirement next week. This video will give me a jump start.

[@rickstephan6707]

Pro Tip...it's a web application - i.e., you don't need to download anything (and any 'NR download' is likely malware).

[@flygirl5633]

Thank you for sharing your knowledge! It has been very educational and useful. I put together a spreadsheet myself for retirement planning. Since it is kind of primitive compared to the commercially available software, I just built in a lot of safety factor in the assumptions. For example, the average inflation rate from 1014 to 2022 is 3.29% so I used 3.35% in my model. Likewise, the average 20-year social security COLA adjustment is 2.21% but I am only using 1.50%. As far as ROTH conversion, it is somewhat limited to what money I have on hand to pay the taxes ...

[@schermnaam5811]

Even with the relatively optimistic “pessimistic” default inflation rate (which is user-adjustable in the paid version) they balance this with an “unrealistic” SS COLA for that 3% (just 0.5%). As you know, +/-1% different return, inflation, and COLA assumptions can radically alter “success” projections. In their Help section they acknowledge that SS COLAs generally track with inflation and so admit one “may wish” to set pessimistic COLAs to be “a bit less than pessimistic inflation.” Doing so can substantially improve their Monte Carlo projections under all scenarios.

[@Mialovesphoto]

Right Capital is ROBUST. Thank you for sharing it. I need some extra time to do all the inputs and understand how it does calculations. Thank you for sharing what you use!! This is helpful to understand what variables to add to my own spreadsheet. As you said, these softwares are dependent on what you input and sometimes, you can't customize it enough for your own needs.

[@danielmartin3249]

Always enjoy Kevin’s content.

[@cyber7934]

Nice overview. I subscribed to NewRetirement last month, it seems like a much more capable tool than my out-of-control Excel spreadsheets. It would be nice if a CFP (like Kevin) could develop a plan for clients, and have it modeled in an independent tool like NewRetirement, so that the client could then update data and model different assumptions directly w/o having to go back to the advisor each time.

[@millionaire2billionaire]

I actually love your software more than New Retirement, their did not handle rental property depreciation correctly which inflat my tax almost double. The one you use gave me a better estimate where I am at, just having hard time to see if it makes sense to retire early or do any conversions, but according to yours, I should pull from all account types... especially the tax free only, and not asking me to do 20+ conversions...

[@PorscheSpeedster-kz6nc]

Good video Kevin. One item I think you did incorrectly was in the Roth Conversion in Right Capital. The withdrawal sequence should be set to the same for the baseline and proposed plans. You had Prorata on the proposed and it should have been set to taxable, tax deferred, and then tax free like the baseline. Withdrawal sequence strategy should be the same (like for like) unless I am missing something. Thanks again.

[@foundryfinancial]

No, you’re right. I think I switched back and forth in one cut, but it must not have made the final video.

[@mckeefamily5522]

Really helpful to compare these two programs... thanks!

[@tim22292]

I always appreciate the work you put into the videos. I will say the real difference is a Roth conversion needs to live to 95. When changing to age 85 death the conversion changes drastically. It would be appreciated if some video could include age 85 assumption for Roth conversion Thank you for your help

[@foundryfinancial]

Thank you!

[@lindsaynewell6319]

The Roth conversion tax comparison was misleading - you used the tax brackets in RC but “max estate value” in NR. You should have used the tax brackets in NR to get an apples to apples comparison. I really like having NR as my main planning tool for $10/month and your free version of RC to sanity check my plan (thank you🙏).

[@jimroberts6176]

Thanks for doing this walk through. Very helpful.

[@qantes]

It looks like New Retirement has become Boldin. I just started the free version. Question for the group. Is it worth paying hte $120/yr? Is it worth paying the $120/yr and hiring an advisor ?

[@lindsaynewell6319]

Do the 14 day free trial and decide for yourself. They occasionally do a 20% off deal for year 1 - I managed to get that when I signed up 4 months ago. I love Boldin. I use Kevin’s limited access RC as well to sanity check my plan and things mostly align between the two platforms.

[@momhouser]

I personally love the ability to enter my own rate of return on each account and really dislike other calculators that don't make those assumptions transparent or adjustable. I'm only waiting for NR to allow for setting specific accounts to be used for spend down.

[@chesshead3943]

Great video, thanks Kevin!

[@mikeskaggs3763]

Nice review. I have been using it for a few months and share your concern that you can't put in asset allocation data and they told me they get around that by allowing users to define RoR based on the portfolio. I also wish they allowed you to upload Roth conversion models to share with accountant but there does not appear to be such functionality.

[@gahoopertx]

Excellent video! well done.

[@foundryfinancial]

Thank you!

[@liveandretireusa]

I really like this video. Thank you for sharing useful information

[@michealsizemore1]

I think I will just stick with spreadsheets.

[@dirkhuntleyddthome1344]

Please reattach the New Retirement link. I am interested in trying the free version before a paid version. Thank you.

[@scottanderson968]

Hi Kevin How can I hire you to run a retirement strategy for us?

[@brianhanline]

I don't see a link for getting the new retirement software.

[@SFOtoLIH]

Roth conversions doesn’t consider any ACA subsidies one may receive before being on Medicare. That’s a big miss.

[@NipItInTheBud100]

I think this software is now called Boldin!

[@Travlinmo]

I do like NewRetirement, generally. As with anything, software or a human, I am still pessimistic on the suggested lifetime of the money.

[@johnlittle8267]

I was really disappointed with New Retirement - no detail on how they arrived at taxes, etc. I want one where I can see each year's tax returns and willing to pay.

[@PorscheSpeedster-kz6nc]

Same here.

[@peaceofcake8464]

12:40 "Tax bracket limit" How is that not the same at choosing a tax bracket in Right Capital? Also, the worst thing in New Retirement is the Monte Carlo simulator. It makes up a standard deviation to use out of whole cloth which is the core element of Monte Carlo simulations. It really need to use actual asset classes.

[@circusfreakRob]

You could probably model your accounts as a few separate pieces with different average rates of return for each to closer simulate different asset classes and have different std devs.

[@circusfreakRob]

I think their SS COLA pessimistic default is incorrect. When inflation goes up, COLA usually increases. Having inflation up and COLA down is overly pessimistic with today's policies IMO.

[@sburger1685]

I only have about 1.8 million but would like to retire early. I only spend about 5000 a month. I am due to inherit 1.3 million if my sister lives, more if she does not. Is that enough to retire early? NR says that when I die I will only leave 5million. Not sure if this is enough. Thx

[@gstlb]

Is this software appropriate for someone already retired?

[@SteveOlsen]

Looks like NewRetirement just rebranded as "Boldin"

[@kog1609]

I don't even want to DIY this but every fee only around me is pushing for AUM. I just want a consult :(

[@circusfreakRob]

NR actually has a few flat-fee-only advisors on staff that you could work with. I am going to be doing a session / plan review with one of them next month. They have a free "Discovery session" group zoom call you an sign up for where they go through all their advisory options and you can ask questions. Yeah, AUM is not the way to go. I tried that for a couple years until I was more informed and now am glad I am DIYing with a bit of professional fee-only help occasionally.

[@delayedgratification581]

How many years before retirement should I start using this software, 5, 10?

[@bobackerman54]

I have used NewRetirement for a few years and am not an expert, but it gave me a lot of confidence that i would be able to financially make it in retirement despite having a modest portfolio ... NewRetirement has both a free version and a paid version of $120/year ... depending on how complex your finances are, the FREE version may be able to give you some insights into retirement which may be beneficial even 10 years before you call it your last day ... when you get closer perhaps you might want to upgrade to the paid version ... as far as cost goes though, even if your portfolio was $100k you would be paying a financial advisor at least $1000/yr (1% of Assets Under Management) so the $120/yr actually is pretty cheap ... and MOST IMPORTANTLY, you will have a much greater understanding of how your funds will work in retirement ...

[@delayedgratification581]

Sounds good, appreciate your thoughtful response 😙

[@maanjos]

I really appreciate your explanation. What would be your advice to immigrants, where they start to accumulate savings later in their lives and how to include into this calculation bi-lateral agreements with other countries?

[@WesHicks1]

Friendly help - Software, not softwares.

[@briandubay2195]

Kevin How do you charge?

[@foundryfinancial]

Blended AUM fee.

[@briandubay2195]

What does "blended" mean? That doesn't really tell me much

[@foundryfinancial]

I charge a % based on account size. That’s the easiest explanation.

[@judyriddell]

We were burned by our financial planner and are hesitant to work with another but we are beginning to feel overwhelmed.

[@foundryfinancial]

I hear that story over and over again. Look for an advisor that’s a fiduciary and a CFP. But, that doesn’t always guarantee things will go well. I’d always be happy to chat.

[@liveandretireusa]

"Feeling burned by a financial planner can be tough-I get it. But have you seen this video? It's a game-changer! It could be just what you need to regain confidence. Don't miss out-take a look and see how it could turn things around for you!"

[@LouisMorganxb3]

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[@BaileyJames-zv2ddd]

Thanks for sharing, I just did a web check with her full names mentioned

[@SurfCityBill]

Sounds like a scam