Personal Capital/Empower vs NewRetirement 2023: DIY Retirement Planning
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Moran Wealth Management, LLC is a registered investment adviser. This content or the content on this channel prior to February 26, 2024 was published by Secure Your Retirement Now LLC and not by Moran Wealth Management, LLC. Trent Grzegorczyk was the owner of Secure Your Retirement Now LLC. Mr. Grzegorczyk was also the owner of Resilient Financial Planning, LLC, a Michigan registered investment adviser and any advisory services were provided by Resilient Financial Planning, LLC. As of February 26, 2024, the content is provided by Moran Wealth Management, LLC and any reference to advisory services would be provided by Moran Wealth Management, LLC. Moran Wealth Management, LLC is not responsible for the content created prior to February 26, 2024.
The content on this page and/or video is for educational purposes only and should not be construed as investment advice. Specifically, the content is intended to provide education and tools for individuals looking to handle their retirement planning on their own. Should you need personalized investment advice, you should consult with a registered investment adviser. Any communications on this page with other individuals that are not associated with Moran Wealth Management, LLC are done voluntarily by users and are unsupervised and unaffiliated with Moran Wealth Management, LLC and Moran Wealth Management, LLC has no responsibility or liability over any discussions or advice that may be given. Moran Wealth Management, LLC is a registered investment adviser and can provide investment advice. If you are interested in Moran Wealth Management, LLC’s advisory services, you can contact us at 239-920-4440 or info@moranwm.com.
#retirement #planning #DIY #personalcapital #newretirement #fintech #rothconversions #taxplanning #investing #theretirementplanningcoach #theretirementplanningclub #2023
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As others have said, this video is very helpful. I am the type of person that likes to have my hands directly involved in this type of planning so I don’t have to depend on another party for the ins and outs of it. I’m going to get started with NR and after I get setup and some understanding of it, I will looking into the other or a similar tool. I hope you make more videos in this and dig into the software even deeper. Many people will enjoy that, I feel.
Watch a lot of retirement You Tube. I found this very informative. First video and now a subscriber. Looking forward to more.
Trent, you break it down so easily. I like your style of teaching very natural & easy to follow for the beginner to advanced.
I have used Personal Capital for a few years now, mostly for net worth tracking and asset allocation across multiple accounts. I will check out New Retirement next. Thanks!
I use both platforms. I agree with your estimate of 80% in NR and 20% in PC.
I like PC, especially the mobile app, to check bank and credit card balances quickly without having to log into separate accounts. PC allowing the fingerprint reader on my phone to login makes it super fast and they do a decent job staying linked to my various accounts.
Terrific analysis of these two tools. Crystal clear pros and cons. Impressive. Subscribed.
Perfect comparison. You answered all my questions in order to decide to which platform to use. Thank you.
Great comparison. I use NR+ and Vanguard self directed.
Thanks Rick! Glad it was useful.
As someone with initial training in engineering and science before taking up financial planning as a 'side gig' I always find it amusing how the 'projections' provide either bar or line charts without any error bars. The closest any of these tools comes to acknowledging the amount of uncertainty in all the historic performance data (let alone the unknown uncertainty in future estimates for asset class returns) is doing a bunch of Monte Carlo 'simulations' (using those same 'average' return rates and some future inflation rate plucked out of thin air) to then provide a 'guestimate' of 'probability of failure'.
I would love to see these charts have error bars (based on the known stdev for the historic returns used) -- they would show that projecting out more than a handful of years (unless your portfolio is entirely cash and TIPs) is basically throwing darts while blindfolded.
There is always the old 'past performance is not a reliable indicator of future performance' disclaimer attached to all these retirement and investment 'projections' but I doubt most clients (or financial advisors) realize just how misleading (in terms of implied certainty) those pretty charts really are...
Great videos Trent. You are helping many people. I am entering retirement in a few years. My wife a few after that. I am uncertain if New Retirement is as helpful to us as someone who has many years left. Could you clear that up please? Thank you.
Great video, I have used Personal Capital for a while, and it works well and I have use new retirement but the issue with it not having some features I was looking for in relation to pensions. One tool I use that I find very helpful is the. Retirement Budget Calculator it requires you to input a lot of information. Once it’s set up it allows you to do song, much retirement income planning.
Need to use both. Thanks man!
Thanks for the insight about NewRetirement and Roth rollover as looking for help with planning that right now. Very timely for me!
I have been evaluating both tools and this video helped confirm many of my observations. That said, I would prefer to not have to use both tools. I recently suscribed to NR and I am hopeful they will work to incorporate/include many of Empower's best features. As for the NR Roth Conversion Explorer, I am skeptical of the reccommendations I am receiving because they postpone the conversions until 2026 and later (when tax brackets are likely to rise). I need to do more research and testing, but this seems illogical to me. Any suggestions as to why I may be receiving these odd reccomendations would be appreciated.
One thing I would recommend is testing on various platforms to validate if you aren't buying into the recommendations or are skeptical of the outcomes. For distribution planning, Roth conversions & tax reduction strategy alternative, you could look into Income Solver to validate. My guess is that NR is probably going to release several of the good functions that PC has over the next 12-months.
@@RetirementPlanningClub Fingers crossed you're correct. My actual wish is that Intuit buys NR and then I can connect my Mint account with NR and have my budget tracking tools and retirement planning tools in one place.
That's an interesting play. I'm sure an acquisition is on their roadmap. BTW, the tool I mentioned above was acquired by T. Rowe Price yesterday and will no longer be available to consumers... crazy timing! Still waiting on a response from them to see if independent advisors like me can still use their professional grade version. Will post when I find out.
Does either of these tools show you how to optimize your retirement withdrawal strategy in terms of how much to draw out of each taxable, pre-tax, and Roth accounts to optimize taxes, and even consider the scenario of having to limit reported income to maximize subsidies for ACA health insurance before medicare age ?
Good question. Personal Capital is a hard no. NewRetirement is a "kind-of". You can test different strategies pretty easily in NR to find the Optimal one. If you're looking to click a button and get an answer, then no. Income Solver/Strategy is a tool you can use to answer that question though.
By the way, the tool I mentioned, Income Strategy, was acquired by T. Row Price yesterday and will no longer be available to consumers. Still waiting on a confirm if they will still let independent advisors like me use the professional grade version. Will post when I find out.
I have a cash-value whole life policy which I intend to use for late stage retirement income (spend-down traditional assets until, say, 80yrs old and then use the policy, first withdrawal to my cost basis, then use policy loans) for income in the final years. Do you know of any tools that do what these two do, but also support using a cash-value life insurance policy in this way, for part of the modeling?
Thank you sir. Appreciated it. Will join
Is NR accounting for FICA at all? My situation is one where I will retire before my spouse so she will have income for a few years after I retire. When I look at the income projections during those yrs it seems to me that that savings withdrawals are too low because income is overstated due to not accounting for FICA?
Very good comparison of the platforms Trent. I use both of them. Larry O.
Thanks Larry! It's nice to have more than one tool in the toolkit.
New sub, thanks. Reading comments are you saying they have removed an Income Strategy/Solver feature from NR, but not decreased the price? Maybe I’m misunderstanding, so wanted to clarify. I have not subscribed to NR yet, but this gives me great pause, unless I’m misunderstanding. Thank you!!
I might have answered my own question. It’s a separate app. Thanks:)
@@Mrstriplejranch You are correct! Income Lab is another tool that can be used. But, you need to get access to it through a FA. Keep an eye out for some cool upgrades to NR this year :)
I use NewRetirement, Fidelity, and Empower. (DIY, advisor, work 401k account)
In NR, is there a way to plan for future changes in spending habits? Or does it simply assume your expenses will grow at a fixed percentage over time?
For example, if someone plans to have kids in X years, they expect their expenses to increase from that point on and their savings rate to be lower.
It would be really nice to have that level of control in the modeling.
Yes. You can set a base expense over a long period of time. Then add different expected expenses at different times on top of your base. they can overlap. This is great as one would not expect to be spending the same amount when they first retire vs when your at the expended end of you life.
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Great video. Do you know why Personal Capital does not seem to apply inflation to the retirement spending? They say they do, but looking at the table, even in your video, the spending column does not go up. Also, do you have anything to say about "OnTrajectory"?
On further examination they show everything in todays dollars. My bad. I saw that before but the numbers didn't add up because of what they appeared to assume for investment returns - even for a checking account. So the value of an investment is appropriately reduced with inflation while things like spending and social security stay constant. Makes sense, except it is frustrating how opaque and seemingly wacky the rates of return are. For example when I tell it all my funds are in a checking account it appears to assume it is getting over 2% return before factoring in inflation. And even in a specific identified money market fund the returns seem off.
Is there a way to add a future savings amount in Empower, for example I anticipate savings additional $1,500 per month to my savings account in 2 years. I'm not able to see how this is possible. Thanks
I appreciate the like, but would also appreciate an answer to my question. Thanks.
Helpful, thanks!
Trent I joined NR based on your recommendation. I want to try the Planner+ but can't seem to sign up for it? When I click it I seem redirected to your LINKTREE site but no way to sign up? Any advice on how I can sign up and join Planner+??
Here is my signup link : buy.stripe.com/aEUbMsdztftQcy46oC
Trent, I have the opportunity to aquire the use of Right Capital software for $5 per month. Would you recommend this over New Retirement. I understand that Right Capital does not sell to DIY investors, only financial advisor professionals.
I like RC and use it with my clients. I also offer it to members of the Retirement Planning Club.
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