NewRetirement is known as the most comprehensive modeling tool for future forecasting. In fact, until this week, it didn’t even show exact data for this year.
As you may have noticed, NewRetirement Planner only showed accurate predictions for the future (except for January of this year). And this year’s data becomes less accurate as the year goes on. For example, in December (when you need accurate numbers to make year-end planning decisions), you’ll only see one month’s worth of income and your tax estimates will be off.
Yes, it’s true. As you know, our strength has always been forward-looking planning tools with unparalleled modeling capabilities to help you make solid decisions about your future.
But we are just taking the first small steps to help you make the right decisions for your present and future. For more information about this update, please see below. Please contact us from within the planner Please send us all your questions and suggestions about how you would like us to utilize this feature in the future.
I look forward to your reply.
this year Estimate currently available
As a first step in making NewRetirement Planner available for current year calculations (and ultimately tracking historical data), we’re excited to announce that we’ve estimated your 2023 year-end value.
If your income hasn’t changed significantly in 2023, your planner will likely show fairly accurate information for the past 12 months, allowing you to model year-end planning decisions.
What if my 2023 data is not accurate and I want to perform year-end modeling?
We recognize that estimates are not as useful as accurate historical records. However, a complete record estimate for 2023 is better (and by no means worse) than showing just the December numbers. And some people may find this incredibly useful.
If the 2023 data is inaccurate, it may be because the December data is significantly different from the data at the beginning of the year.
If you need help dialing a number in 2023, please send us a message using the in-app communication tool (circle in the bottom right section of your planner). We will be happy to assist you.
How are estimates for 2023 calculated? And why estimates only?
To extrapolate the numbers for 2023, we took current data and worked backwards to calculate all of this year’s income, expenses, and some events.
Note: In 2024, I hope to release a way to match my predictions with what happens on a monthly or quarterly basis. And it provides an accurate way to track your financial history.
What can we do with our calculations in 2023?
We hope this release allows some users (those whose year-end numbers are fairly accurate) to be able to:
- All graphs show 2023 estimates
- Evaluate more accurate 2023 tax calculations
- Use this tool to start your year-end planning in December. You may want to model a scenario like the following:
- Make the most of your tax-efficient savings
- Evaluate last-minute Roth conversions
- Reduce your 2023 income for tax purposes
- Reflect on your current financial situation and plan for the future
- more…
Please let us know what you think.
We’re excited about this change and hope you are too. We look forward to hearing from you. Log in to Planner and contact us through in-app messages. We are committed to continuous improvement of our tools to improve financial monitoring and decision-making now and in the future.
