When you’re dealing with any top-notch online tool, especially something as crucial as a retirement calculator, user experience is key. It should be straightforward and reliable, with its interface remaining stable unless a change is truly warranted. This steadiness is a testament to quality design and thoughtful management, especially when what’s at stake is your financial future.
Enter Boldin’s PlannerPlus, formerly known as NewRetirement. I’ve been using this retirement planning tool for five years, and its easy-to-navigate, wizard-style interface is a consistent companion, making it simple to dive back in whenever I want, even after long pauses. The evolution isn’t in the interface but in the expanded and refined features it offers, a nod to Boldin’s dedication to ongoing enhancement. PlannerPlus now competes admirably with the sophisticated software used by Certified Financial Planner (CFP®) professionals, yet keeps itself accessible to DIY investors at a much more affordable rate.
Previously, I stacked it up against Fidelity’s calculator and found it superior—a surprising revelation given my long-standing trust in Fidelity for retirement projections. Since then, Boldin has added features that heighten its power, addressing even some minor critiques I had. It’s worth revisiting PlannerPlus with fresh eyes given these updates.
Jumping right in, first-time users are met with a friendly, guided setup that efficiently gathers necessary financial data, like account balances and allocations or anticipated social security benefits. Within moments, PlannerPlus constructs a snapshot of your financial outlook.
A pivotal piece of this tool is the “Retirement Chance of Success” diagram. It pulls together your data to project your retirement savings trajectory and assess your likelihood of achieving your financial aims without exhausting your resources. The top “light green” line shows expectations based on average assumptions, such as returns, inflation, and cost of living increases, while the bottom “dark green” line shows outcomes for 90% of scenarios.
The backbone of these projections is the Monte Carlo analysis, a renowned technique in financial forecasting that simulates numerous scenarios to anticipate diverse outcomes. A respectable retirement calculator, like PlannerPlus, will invariably use Monte Carlo.
Furthermore, figures are presented in today’s dollars—my preferred choice—as well as future values. This was a nice addition, as it previously limited figures to future dollars, a point I had noted in an earlier review. Again, kudos to Boldin for taking note and acting on feedback.
Beyond projections, PlannerPlus offers detailed, dynamic visuals such as the Lifetime Income Projection chart. Small changes in your plan reflect immediately, providing clear feedback. A standout feature is the Plan Updated Popup, showing instant results of any adjustments you make.
Portfolio forecasts assume returns of 2% under pessimistic and 5% under optimistic conditions, averaging at 3.5% for typical scenarios. While these are seen as conservative, I prefer a more realistic approach based on my accounts’ historical performance, and tweak them accordingly using PlannerPlus.
Expense management options accommodate both detailed and broad budgeting, adjusting for inflation annually. For precise control, I divide expenses into necessary and optional categories, enabling me to see at a glance the impact of budget adjustments on my financial future.
Analyzing outcomes with average assumptions, I have a reassuring 99% chance to fund my retirement to age 100. However, switching to pessimistic assumptions drops that to 60%, a reminder of the fluid nature of financial planning and the importance of adaptability.
Recent features like switching between dollars and customizing withdrawal strategies highlight PlannerPlus’s flexibility. This flexibility means you can prioritize tax considerations in your retirement strategy, modeling different withdrawal scenarios to find the most beneficial one for your situation, even predicting tax implications and terminal savings.
The Retirement Withdrawals Report is another powerful addition. It allows you to compare the impact of various spending strategies, enhancing understanding and decision-making regarding your retirement trajectory.
A subscription costs $120 annually, which is fairly priced considering the robust tools and features it offers. Boldin also has a free Basic version and a premium Boldin Advisors option that includes CFP® guidance for a much higher fee. However, PlannerPlus delivers a lot of value at its entry tier for anyone serious about managing their retirement.
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