Estimates for Your 2023 Data Are Now Available in the NewRetirement Planner

NewRetirement is known for being the most comprehensive modeling tool for forward-looking projections. In fact, until this week, we didn’t even show you accurate data for the current year.

You may or may not have noticed, but the NewRetirement Planner only showed accurate projections for future years (except in January of the current year). And, the data for the current year would get less accurate as the year wore on. For example, in December (just when you would want accurate numbers for end-of-year planning decisions), you would only see one month’s worth of income, tax estimates would be off, and so on.

Yep, it’s true. You see, our strength has always been as a forward-looking planning tool with unparalleled modeling capabilities for making solid decisions about your future. 

However, we have now taken one small initial step to help you make good decisions for today as well as your future. Learn more about this update below and contact us with all questions and suggestions for where you would like us to take this functionality in the future. 

We look forward to hearing from you.

Current Year Estimates Are Now Available

We are very excited to announce that as a first step toward making the NewRetirement Planner work for current-year calculations (and eventually historic data tracking), we have estimated your 2023 end-of-year values.

If you have not undergone big changes in income in 2023, then the Planner will now likely be showing you fairly accurate information for the last 12 months enabling you to model end-of-year planning decisions.

What to do if your 2023 data is not accurate and you want to do end of year modeling?  

We realize that estimates are less useful than an accurate historic record. However, estimates of your full 2023 record are better (and certainly no worse) than only showing numbers for December. And, some of you will find this incredibly useful.

If your 2023 data is inaccurate, it is likely because your December data is significantly different from what happened earlier in the year. 

If you would like help dialing in your 2023 numbers, please send us a message using the in-app communication tool (the circle in the lower right section of the Planner) and we will be happy to assist you.

How Are 2023 Estimates Being Calculated, and Why Are They Only Estimates? 

To estimate your 2023 numbers, we have taken your current data and have projected backward to calculate all income, expenses, and some events in this year.

NOTE: In 2024, we hope to release a way for you to reconcile your projections with what has happened each month or quarter. And, we will offer a way to accurately track your financial history. 

What Can You Do with the 2023 Calculations? 

We hope that this release will enable some of you (those with reasonably accurate end-of-year numbers) to:

  • See estimated 2023 values on all charts
  • Evaluate more accurate 2023 tax calculations
  • Use the tool in December for end-of-year planning. You might try to model scenarios where you:
    • Max out your tax-advantaged savings
    • Assess last-minute Roth conversions
    • Reduce 2023 income for tax purposes
    • Reflect on your current financial situation to better plan for your future
    • And more…

Let Us Know What You Think!

We are excited about this change and hope you will be too. We are anxious to hear what you think. Email us. We will be working to continually improve the tool for better current and future financial monitoring and decision-making. 

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