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NewRetirement Tutorial for Beginners 2024
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- เผยแพร่เมื่อ 23 ม.ค. 2024
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Disclaimer: Secure Your Retirement Now LLC is a financial education company and does not provide financial advice. Please consult with your tax professional, financial advisor or CPA.
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I'm 54 and my wife and I are VERY worried about our future, gas and food prices rising daily. We have had our savings dwindle with the cost of living into the stratosphere, and we are finding it impossible to replace them. We can get by, but can't seem to get ahead. My condolences to anyone retiring in this crisis, 30 years nonstop just for a crooked system to take all you worked for.
@Chustinasarah That's actually quite impressive, I could use some Info on your FA, I am looking to make a change on my finances this year as well
@Chustinasarah I will give this a look, thanks a bunch for sharing.
Be cautious of individuals offering online advice as it may be a pump and dump scheme.
Very helpful walkthrough. Thank you.
Nice job explaining all this. I don't have the tool yet, but will sign up today! I'm retiring in six months so it's time to get after it more!
Love the hair cut. Looks very nice and professional!
Much appreciated. I'm in the "new to New Retirement" planning group. I'll be watching.
This was extremely helpful. I readjusted my plan based on your assumptions. This gave me a good baseline to use. Thanks!
This was very helpful. I'm a beginner and find myself second guessing many things I enter.
Thank you! Glad it was helpful ❤
Thanks Trent. I almost did not watch it since it said "beginner" and I am pretty familiar with the tool but I did get a few good tips!
Thanks Larry! Going back to the basics is sometimes useful 😊
Thanks for the walkthrough. One part I don't understand is real estate tax. The application said it automatically calculates and includes it, but I don't see it coming up anywhere in expense, and there doesn't seem to be any way to manually enter it in expense.
I look at this as a stress test for my plan. I used…
3.8% average inflation (avg 1960-2023),
4% CAGR on investments,
75% of my/wife's projected Social Security
Lowballed the value of the house taking the six major companies (Redfin, Zillow, etc.) average value and subtracting $100K.
I figure if I have a 93% chance of success with all of that then I'm feeling good in the (unlikely) chance we get full SS, and more likely chance the market does better than 4%. I don't believe for a second the Fed will get long term inflation down to 2% over a 30-year retirement!!!!! I'm warming up to NR but there are a lot of assumptions it makes
I don't like the two years of LTC at end of life that NR assumes. I know they stand it but I would like the option to adjust that. Most of my family go pretty quick and only one person in my wife’s family spent any length of time in a nursing home just a few [6?] months.
I have to manually calculate and input the assumed SSi drop coming in 2034. The best way I found was to get your's (and your wife's) ACTUAL 2034 dollar amount, not in today's dollars, then multiply that by 78% if you assume SSi will never be "fixed". I like to use a 88% just becuase I assume some of SSi will be fixed. Once I know our combine SSi amount, then I'll just start plugging in numbers in "Social Security" section until the New Retirement value matches my calculations. Hope that makes sense.
Excellent tutorial, thanks. I'll definitely watch more of your content. I've played with the free basic version of NR but haven't done the 14 day trial yet. But I'm confused at 32:15 of the video on Lifetime Cash Flow. NR says on screen "in every year of your plan, your income is projected to cover projected expenses" but the chart clearly shows from 2024 to 2027 that it doesn't. Any insights on this? Thanks
Thanks for the video it's very helpful. One big concern though - after following along and completing my info, this is what I find:
Assumptions set to Optimistic: 93% Chance of Succes HOWEVER
Assumptions set to Average: 55% Chance of Success.
What's up with that? It's freaking me out. Please help. Thank you.
I have eMoney for over 10 years. My goal is to set up in NR as a check and balance as we retire this summer. I’m going to go with the $175 for an hour yo be sure it’s set similar to my eMoney portal. My question is where on NR does it show my portfolio investment projected gains based on my assumption on a yearly approximated basis for Cash Flow ? I’m not seeing it ? Also not seeing a way to not factor long term care to match my eMoney platform. Appreciate any help prior to my coaching session !
I found your comment when discussing 5% pessimistic assumptions, “gross of inflation” confusing. Do you mean 2.5% inflation and 2.5% real? Or do you mean 2.5% inflation (say) and 5% real returns, for a “pessimistic” 7.5% nominal return average for 25 years?
you breezed over the deductions section - do you itemize benefit payments, taxes, 401K contrib?
at what point I should wok on these plans like new age . I am currently 53. I see this is more of 60 years starting point .let me know
Great video. Does New Retirement incorporate Sequence of returns issues? Thank you!
Yes it does. You can model a lower rate of return for a few years, and then revert back to a standard return. E.g. 1% for the next 5-7 years, then 7% after that.
Can the new retirement be used for those in overseas without 401k？
I have a deferred income account. Does this program have an ability to factor in the withdrawal schedule for those types of accounts?
I’m very interested in getting this software. Is it going to work for somebody from Canada?
Some value, but it would have more if it was less ad hoc and more structured - i.e., present an outline of content you will cover and then follow it. Just my 1.99 cents.
Thanks for the feedback! 😊
Dude.... you plugged in 5% pessimistic & 3.5% optimistic general inflation....... and left SS Inflation at & 0.5% pessimistic & 2% optimistic!?!?
That is not going to make for an accurate modeling of spending/inflation over time at all!
Thanks for sharing. Will this tool allow you set your expenses in the future. Say, at age 75, I would expect my expenses to be less (obviously adj. for inflation). Then, maybe reduce them further at 80 or 85. The thought here is, possibly have more income in the Go-go years and less in the No-go years.