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Hey there, fellow retirees and soon-to-be retirees! Let’s chat about Go-Retire, an employer-sponsored retirement planning tool offered through employee benefit plans.. Go-Retire is a name that’s been catching my eye lately. I keep seeing it everywhere, so I thought I’d look into it!
If your employer does not offer Go-Retire.com, see below where we discuss 10 Similar Retirement Planning Tools.
In this guide, we’ll explore:
- What Go-Retire is
- Who uses it
- Its usefulness, and whether it is the right tool for you
- My personal experience with retirement finance planning
- The best time to take advantage of using Go-Retire
- Does Go-Retire cost anything as an employer-sponsored planning tool?
- 10 Similar planning tools that can be used as an individual, and their costs
- Safe way to try trading on the markets – called Earn and Trade
- Glossary of Terms
- 8 Best Resources for Retirement Financial Planning
What is Go-Retire?
Go-Retire is an Employer-Sponsored service offered through employee benefit plans, providing tailored retirement planning tools and resources. The platform is designed to provide pre-retirees and retirees with crucial information and tools to navigate the various aspects of retirement finance planning.
Whether you’re seeking advice on financial planning, healthcare options, or lifestyle adjustments, Go-Retire offers many different resources specific to the needs of retirees.
Pre-Retirement:
- Financial Planning: Provides tools and resources for budgeting, saving, and investing to build a solid retirement fund.
- Retirement Accounts: Offers guidance on different types of retirement accounts (e.g., 401(k), IRA) and how to maximize their benefits.
- Healthcare Options: Information on selecting appropriate healthcare plans, including Medicare and supplemental insurance.
- Lifestyle Planning: Tips on lifestyle changes to prepare for retirement, such as downsizing or relocating.
- Work Transition: Advice on transitioning from full-time work to retirement, including part-time work or consulting opportunities.
- Social Security: Guidance on when and how to claim Social Security benefits to maximize payouts.
- Tax Planning: Strategies for managing taxes before and during retirement to ensure financial stability.
- Education and Seminars: Access to webinars and articles on various retirement planning topics.
Post-Retirement:
- Budget Management: Tools for managing expenses and maintaining a budget to ensure financial security.
- Healthcare Management: Continued support in managing healthcare plans, understanding benefits, and navigating healthcare services.
- Investment Advice: Ongoing advice for managing and adjusting investments to ensure a steady income stream.
- Community Engagement: Forums and community groups to connect with other retirees for support and shared experiences.
- Lifestyle Tips: Articles and resources on maintaining a healthy and fulfilling lifestyle in retirement, including hobbies and travel.
- Estate Planning: Information on creating wills, trusts, and other estate planning tools to protect assets and ensure legacy.
- Volunteer Opportunities: Listings of volunteer opportunities to stay active and engaged in the community.
- Continuous Learning: Access to resources for lifelong learning and personal development.
- Technology Assistance: Help with using technology and digital tools to stay connected and informed.
- Scams and Fraud Prevention: Tips and alerts on avoiding scams and protecting personal information.
Who Uses Go-Retire?
Now, let’s talk about who should use Go-Retire:
Go-Retire caters to employees who are offered the platform as part of their employer-sponsored retirement plan. These employees can be broadly categorized into two main groups:
- Those Approaching Retirement: These are the planners, typically in their 50s or early 60s, who are starting to think seriously about life after work. They use Go-Retire to prepare and make informed decisions about their future.
- Those Already Retired: These users seek ongoing support and advice as they navigate their retirement years, looking for ways to optimize their retirement lifestyle and manage their finances effectively.
Now, let’s explore who typically enjoys using Go-Retire:
- DIY Enthusiasts: If you like to handle things yourself, Go-Retire is ideal. It’s packed with tools and resources for self-directed planning, allowing you to take control of your retirement journey.
- Budget-Conscious Retirees: For those looking to save money by avoiding costly financial advisors, Go-Retire offers valuable information and resources at a fraction of the cost.
- Information Seekers: Go-Retire is perfect for those who want to educate themselves before making big decisions. It serves as a comprehensive library of retirement knowledge at your fingertips.
- Community-Oriented Individuals: If you enjoy learning from others’ experiences and sharing your own, you’ll appreciate Go-Retire’s community features, which foster support and knowledge sharing.
It’s important to also know what Go-Retire is not:
- Not a Replacement for One-on-One Professional Financial Advice: While Go-Retire provides extensive resources, personalized guidance from a financial advisor might still be necessary for some.
- Doesn’t Manage Your Investments: Go-Retire offers information and tools, but you remain in charge of your money and investment decisions.
- Not a Substitute for Retirement Accounts: Go-Retire helps you understand and manage your 401(k), IRA, and other accounts better, but it doesn’t replace them.
Is Go-Retire Useful To YOU?
Go-Retire’s usefulness largely depends on your specific retirement planning needs and preferences. Let’s break down some key features and their potential pros and cons:
Comprehensive Information Hub
- Pro: Go-Retire offers a wealth of information on various retirement topics, from financial planning to healthcare options.
- Con: If you prefer personalized, one-on-one advice, you might find the volume of information overwhelming.
Interactive Planning Tools
- Pro: These tools can help you visualize different retirement scenarios and make informed decisions.
- Con: They may not account for every unique financial situation, so results should be taken as estimates rather than guarantees.
Community Forums
- Pro: You can connect with other retirees, share experiences, and get peer support.
- Con: Advice from fellow users isn’t professional financial guidance and should be taken with a grain of salt.
Educational Webinars and Articles
- Pro: Keeps you updated on retirement trends and strategies.
- Con: If you’re not tech-savvy, you might find it challenging to access or navigate these resources.
Budget Management Tools
- Pro: Helps you track expenses and stick to a retirement budget.
- Con: Requires consistent input from you to be effective, which some might find tedious.
Healthcare Planning Resources
- Pro: Offers guidance on Medicare, supplemental insurance, and managing healthcare costs.
- Con: Healthcare laws and options can change rapidly, so information may need frequent updating.
Borrowing and Withdrawing Funds
- Pro: Go-Retire provides easy-to-use online tools for modeling and requesting loans or distributions from your retirement plan.
- Con: All transactions are subject to employer approval, which may delay access to funds or result in denial of requests.
Is Go-Retire Right for You?
Go-Retire might be right for you if:
- You’re comfortable with self-directed learning and planning.
- You want a one-stop resource for various retirement topics.
- You enjoy interacting with a community of fellow retirees.
- You’re looking for a more affordable alternative to personalized financial advice.
It might not be the best fit if:
- You prefer face-to-face, personalized financial advice.
- You’re not comfortable using online tools and resources.
- You have a very complex financial situation that requires specialized guidance.
- You’re looking for hands-on investment management.
My Personal Experience
Back in 2015, when I began planning for retirement, I wasn’t aware of better resources like Go-Retire. At the time, I relied on the tools offered by my employer’s retirement plan, which included a 401(k) and a pension plan. In my case, it was Fidelity Net Benefits.
While Fidelity’s tool helped my investments grow very well, I found it cumbersome. They improved the tool too often! It seemed that every time I wanted to make significant adjustments to my allocations, it involved a learning curve.
While Fidelity Net Benefits wasn’t the most user-friendly option, the automated asset allocation recommendations were awesome. This meant I didn’t have to pick individual investments myself, which was a relief.
However, when I became more serious about retirement planning, I took advantage of a free consultation with a live financial advisor. The personalized guidance and expertise they provided were invaluable. They went over each and every (and I mean EVERY) expense that I would encounter in retirement. They were the ones that helped me realize that I could retire at age 55 through some unknown IRS rule – but, that’s a story for another day!
Once I did retire, I decided to move my retirement accounts to be managed by a trusted family member. You can read more about that journey in this article: Best 10 Retirement Tips.
The Point is Choice
Everyone’s path to retirement is unique, and the best approach depends on your comfort level. For me, the personalized attention of a financial advisor was worth the extra cost. I simply didn’t have the time or confidence to continue to manage my investments on my own, even with the somewhat helpful software.
Looking back, while a tool like Go-Retire could have been helpful, I’m satisfied with the route I took. It aligned perfectly with my needs and preferences at the time.
The key takeaway is to find what works best for you. Whether you prefer a self-directed approach with tools like Go-Retire (offered by some employers) or other widely available financial planning websites like Vanguard, Fidelity, or Personal Capital, or a more personalized route with financial advisors, there are options available.
Remember, there’s no one-size-fits-all solution. The most important thing is to start planning early and leverage resources that make you feel confident about your financial future, whether they’re provided by your employer or independently accessible.
When Is the Best Time to Begin Using Go-Retire?
The ideal time to utilize Go-Retire is at the outset of your retirement planning journey, typically in your 40s or early 50s. Nevertheless, this platform offers advantages at any stage of retirement planning. Let’s explore the pros and cons of starting at different times:
Early Start (40s to Early 50s):
- Advantages:
- Extends the timeframe for planning and fine-tuning strategies.
- Enables more aggressive investment choices with time to recover from market volatility.
- Provides ample opportunity to adjust course if necessary.
- Assists in setting realistic retirement goals early on.
- Disadvantages:
- Retirement might seem distant, leading to decreased engagement.
- Life circumstances may change significantly, necessitating frequent plan adjustments.
Mid-Stage (Late 50s to Early 60s):
- Advantages:
- Offers a clearer picture of retirement needs as you near retirement age.
- Permits time for last-minute savings efforts or strategy modifications.
- Aids in making informed decisions regarding Social Security claiming strategies.
- Disadvantages:
- Less time to make significant changes to retirement savings.
- May necessitate more conservative investment strategies due to the shorter time horizon.
Late Start (At or Near Retirement):
- Advantages:
- Provides immediate, relevant information for current retirees.
- Offers tools for effectively managing existing retirement funds.
- Assists in navigating immediate retirement challenges like healthcare options.
- Disadvantages:
- Limited time to implement significant changes to retirement plans.
- May cause stress if retirement savings are insufficient.
Remember, while an early start is ideal, it’s never too late to begin planning for retirement. Go-Retire can be a valuable tool at any stage, helping you maximize your resources and plan for a secure retirement.
Does Go-Retire cost Anything as an employer-sponsored planning tool?
Since Go-Retire functions as an employer-sponsored benefit, the cost structure differs from individual investment platforms. Here’s the breakdown:
Who Pays? Typically, the employer covers the costs associated with offering Go-Retire to their employees. This means there’s usually no direct cost for you to use the platform within your employer’s retirement plan.
Indirect Costs: While you wouldn’t pay directly to use Go-Retire, there might be underlying fees associated with the retirement plan itself. These could include:
- Investment Management Fees: These fees are charged by the investment companies whose funds are offered within the plan. They typically range from 0.10% to 1.00% of your investment assets annually.
- Plan Administration Fees: These fees cover the overall maintenance and recordkeeping of the plan. Costs can vary depending on the plan provider but could be a flat monthly fee or a percentage of plan assets.
Finding Out More About Costs:
If you’re unsure about any potential fees associated with using Go- Retire within your employer’s plan, you can get a clearer picture by:
- Contacting Your HR Department: They can provide details on any fees associated with the plan and whether Go-Retire usage incurs any additional costs for participants.
- Reviewing Plan Documents: These documents typically outline the fees associated with the plan, including any potential charges for using Go-Retire’s features.
By understanding the cost structure, employers can make informed decisions about offering Go-Retire as part of their employee benefits package. As an employee, knowing about potential indirect costs can help you make informed investment decisions within your retirement plan.
10 Tools Similar to Go-Retire
(These are not employee sponsored)
When it comes to planning for retirement, having the right tools at your disposal can make all the difference. While some of us might have access to employer-sponsored retirement planning services like Go-Retire, many others are looking for options that are available to the general public.
Whether you’re self-employed, between jobs, or simply want to take a more hands-on approach to your retirement planning, there are numerous tools and platforms designed to help you navigate this crucial financial journey.
In this section, we’ll briefly explore ten popular retirement planning tools that are accessible to everyone, regardless of their employment status.
These range from robo-advisors to comprehensive financial planning platforms, each offering unique features to help you plan for a secure financial future.
We’ll break down their costs, key features, and provide links to their websites so you can explore further.
Remember, the best tool for you will depend on your individual needs, financial situation, and comfort level with managing your investments. Let’s dive in and explore these options to help you find the right fit for your retirement planning needs.
Retirement Planning Tools Available to the Public
- Vanguard Personal Advisor Services:
• Cost: 0.30% of assets under management annually
• Features: Personalized financial advice, investment management, retirement planning tools, ongoing portfolio monitoring
• URL: https://investor.vanguard.com/advice/personal-advisor - Fidelity Go:
• Cost: Free for balances under $25,000; 0.35% annually for balances of $25,000 or more
• Features: Robo-advisor, automated investment management, retirement goal setting, rebalancing
• URL: https://www.fidelity.com/managed-accounts/fidelity-go - Personal Capital (Now Empower):
• Cost: 0.89% annually for the first $1 million, with lower rates for higher balances
• Features: Comprehensive financial planning, investment management, retirement planner, 401(k) analyzer
• URL: https://www.personalcapital.com - Betterment:
• Cost: 0.25% annually for digital plan; 0.40% for premium plan
• Features: Automated investing, access to financial advisors, retirement planning tools, tax-loss harvesting
• URL: https://www.betterment.com - Wealthfront:
• Cost: 0.25% of assets under management annually
• Features: Automated investing, financial planning, retirement planning, college savings
• URL: https://www.wealthfront.com - Charles Schwab Intelligent Portfolios:
• Cost: Free for the basic service; $30/month for Premium (includes advisor access)
• Features: Automated investing, tax-loss harvesting, retirement planning tools
• URL: https://www.schwab.com/intelligent-portfolios - Blooom:
• Cost: $120/year for Standard; $245/year for Unlimited
• Features: 401(k) management, IRA management, financial advisor access
• URL: https://www.blooom.com - NewRetirement:
• Cost: Free basic planning; $96/year for PlannerPlus; $396/year for PlannerPlus Live
• Features: Retirement calculator, Social Security optimizer, estate planning
• URL: https://www.newretirement.com - Retirement Planner by Calculator.net:
• Cost: Free
• Features: Basic retirement calculator, adjustable parameters for inflation and investment returns
• URL: https://www.calculator.net/retirement-calculator.html - MaxiFi Planner:
• Cost: $99/year for Basic; $139/year for Premium
• Features: Detailed financial planning, Social Security optimization, tax minimization strategies
• URL: https://maxifiplanner.com
These tools offer a range of features and pricing structures to suit different needs and preferences. They are available for individual use, regardless of employment status.
Some even offer free basic services with paid upgrades for more advanced features.
It’s important to note that costs and features may change over time, so it’s always best to check the most current information on their respective websites.
When choosing a retirement planning tool, consider factors such as the complexity of your financial situation, the level of guidance you need, and your budget for financial planning services.
Some tools offer more comprehensive planning and personalized advice, while others focus on specific aspects of retirement planning or provide basic calculators. Select the option that best aligns with your financial goals and comfort level with managing your retirement planning.
Other Pre-Retirement Planning To Start Thinking About
As you approach retirement, consider these additional steps to ensure you’re fully prepared for your future:
- Health Insurance Planning: Research and secure comprehensive health insurance options to bridge the gap until Medicare eligibility. Consider supplemental plans to cover potential gaps in Medicare coverage.
- Dental and Vision Insurance: Don’t overlook these often-neglected areas. Explore standalone dental and vision insurance plans, as these are typically not covered by standard Medicare.
- Estate Planning and Will Creation: Protect your assets and ensure your wishes are honored by creating or updating your will. Consider consulting with an estate planning attorney to navigate complex legal matters.
- Long-Term Care Insurance: Evaluate long-term care insurance options to protect your savings from potential extended medical care costs in the future.
- Life Insurance Review: Reassess your life insurance needs as you approach retirement. Consider whether you need to maintain, increase, or decrease your coverage based on your financial situation and dependents.
By addressing these critical aspects of retirement preparation, you’ll be taking significant steps towards a more secure and comfortable retirement. Each of these areas offers opportunities for in-depth exploration and potentially connecting with trusted service providers to assist in your planning process.
Glossary of Terms
Glossary of Terms specific to Employee-Sponsored Retirement Planning Tools
- Vesting: The process by which an employee gains non-forfeitable rights over employer contributions made to their retirement plan.
- Employer Match: The amount an employer contributes to an employee’s retirement account, often as a percentage of the employee’s contribution.
- Contribution Limit: The maximum amount that can be contributed to a retirement account in a given year, set by the IRS.
- Asset Allocation: The practice of dividing investments among different asset categories within the retirement plan.
- Rebalancing: The process of realigning the weightings of a portfolio of assets to maintain the desired level of asset allocation.
- Target Date Fund: A fund offered in many retirement plans that automatically adjusts its asset allocation to become more conservative as it approaches a target date, typically the employee’s expected retirement year.
- Rollover: The transfer of funds from one retirement account to another, often when changing employers.
- Catch-Up Contributions: Additional contributions that employees age 50 or older are allowed to make to their retirement accounts.
- Required Minimum Distribution (RMD): The minimum amount you must withdraw from your retirement accounts each year, typically starting at age 72.
- Hardship Withdrawal: A withdrawal made from a retirement plan due to an immediate and heavy financial need.
- Loan Provision: A feature in some retirement plans that allows participants to borrow from their account balance.
- Beneficiary Designation: The naming of an individual or entity to receive the assets in a retirement account upon the account holder’s death.
- Summary Plan Description (SPD): A document that provides detailed information about how an employer’s retirement plan operates.
- Automatic Enrollment: A feature where employees are automatically signed up for the company’s retirement plan unless they explicitly opt out.
- Retirement Income Projector: A tool that estimates how much monthly income an employee’s current retirement savings may provide in retirement.
This glossary covers terms specifically related to employee-sponsored retirement planning tools, which should be relevant for users of platforms like Go-Retire.
Resources: The 8 Absolute Best Resources for Pre-Retirees
Here are the 8 absolute best community, public, and government resources for pre-retirees who want to learn about retirement financial planning:
- AARP Retirement Calculator
AARP provides a free retirement calculator to help you estimate your retirement readiness and plan for the future. - Consumer Financial Protection Bureau’s Planning for Retirement
Offers tools and resources to help you make informed decisions about when to claim Social Security and how to plan for retirement. - IRS Retirement Plans
Provides information on various types of retirement plans and their tax implications. - Our Fiscal Security
A collaborative effort providing research and analysis on federal budget priorities, with a focus on sustainable economic growth and retirement security. - National Council on Aging Benefits CheckUp
A free service to help seniors find benefit programs that can help pay for healthcare, medications, food, utilities, and more. - Retirement Toolkit by DOL, SSA, and HHS
A joint effort by three federal agencies to provide comprehensive retirement planning information. - Social Security Administration Retirement Planner
The official government site offers tools to estimate your benefits, apply for retirement, and understand how Social Security works. - USA.gov Retirement
Provides links to various government resources related to retirement planning and benefits.
