Are you looking to put your retirement plans to the test? Have you ever questioned how likely your financial situation would weather any kind of storm? Then, you don’t want to miss our Boldin review.
What is Boldin?
Boldin, formerly known as New Retirement, is a financial planning tool that is designed to help you take control of your retirement and your financial future. You can do so much more than track your savings and investments with Boldin. This platform offers you the ability to fine-tune the decisions you make around every aspect of your financial life.
Some of the factors that Boldin can help you analyze include:
- Taxes
- Debt
- Income
- Budgets
- Real estate
- Medicare
- Long-term care
You can get started in four easy steps. The first step is to set up the retirement planner by telling Boldin about yourself. That allows Boldin to get a sense of your assets, debt, and net worth. Then, you can review your current forecast to see where you stand financially.
The next step is to weigh the various what-ifs. Boldin will help you consider different scenarios to see how they might adjust or even improve your financial forecast. Finally, you continue to update your planner as your financial journey progresses.
Users can get started with Boldin at no cost as a Boldin Basic user. To access all the features, you can upgrade to their paid PlannerPlus tier. If you aren’t sure that Boldin is right for you, it also comes with a free 14-day trial.
Boldin Review: Should I Use It?
It’s true that there are many financial platforms on the market. In our Boldin review, we explore the features that set Boldin apart, as well as some things you want to consider.
Best Features
There is a lot to like about Boldin. What stood out the most to us was the vast array of tools and data the interface neatly displays and the additional layers of support Boldin makes available. Let’s take a closer look at some of the best Boldin features.
Comprehensive Monte Carlo simulation
There are many different rules of thumb and calculators that people use when planning their financial futures. Perhaps the gold standard in that planning is a Monte Carlo simulation. That’s because Monte Carlo simulations actually allow you to test out market instability and uncertainty rather than simply using linear simulations based on averages.
Boldin’s Monte Carlo simulator will give you a Chance of Retirement Success score. This score is based on thousands of futures with variables including life expectancy, market returns, and spending. Users often say that Monte Carlo simulations help them feel more confident in their plans or allow them to dial into areas where they need to take action.
Excellent user interface
Boldin isn’t just a Monte Carlo simulation, though. Instead, Boldin offers a panoramic financial picture.
Another aspect of this interface that we appreciate is that it truly is built with everyone in mind. Since it is a personalized path to financial wellness, Boldin helps you analyze the what-ifs you might encounter. For example, you can see how relocating, changing your investment strategies, or reducing your expenses will impact your current financial future. By analyzing these key metrics, the user interface makes it easy to see how different factors shape your finances.
The goal isn’t just to show you your data, either. Instead, Boldin’s interface pairs your information with planning tools. These tools can help you make sound financial decisions for various aspects of your life.
Financially empowering tools
When it comes to financial planning, you want access to a robust suite of tools. Boldin offers exactly that with its net worth tracker and retirement simulations. Additionally, you have access to a variety of calculators to help you get a more comprehensive perspective on a variety of financial situations.
Some of the calculators Boldin offers include:
- Simple retirement calculator
- FIRE retirement calculator
- Lifetime annuity calculator
- Roth conversion calculator
These tools, coupled with their panoramic financial picture offered through their excellent user interface make Boldin one of the most comprehensive financial tools around.
Offers advice-only financial advisors
Boldin really outshines the competition here. By connecting users to advice-only financial advisors, there is never any need to worry about a sales pitch or upselling of any kind.
In addition to working with advice-only financial advisors, you can get information in a variety of other ways. Boldin also offers classes, coaching, groups, and individual support. The Boldin blog also offers thoughtful and thorough financial education with a variety of topics spanning debt and budgeting to investing and real estate.
Things to Consider
Boldin has many impressive features. Still, there are some things you want to consider before committing to them.
Limited free tier
We know free is a favorite word in personal finance. However, the free tier of Boldin is somewhat limited.
The free tier is known as Boldin Basic. To access Boldin Basic, there is no credit card required. You can also build a personalized plan and test out “what if” scenarios.
However, the real magic happens at the Boldin PlannerPlus level. This tier costs $144, and you are billed after the two-week free trial. It breaks down to $12 per month, but the fee is paid annually.
Within the PlannerPlus level, you can start to link your accounts from the top three aggregates. You also have access to more than 100 inputs. Your results show up in dozens of detailed analysis charts, and you unlock the Monte Carlo analysis. The paid Boldin tier also includes coaching suggestions, live classes, and Q&A sessions for more ongoing support.
Paid-only account syncing
Originally, Boldin was designed to be forward-facing. That meant that the only information it received came from you. It wasn’t designed to manage current expenses. Instead, it tackled the future based on the data you provided.
Recently, though, it started working with three aggregates to link at least some information. Paid tier Boldin users can link accounts with Plaid, MX and Finicity. That means that if you don’t want to update your information manually, you’ll have to use the paid version of Boldin.
Slight learning curve
If you’re new to investing, Boldin can be a bit overwhelming. When they say they are providing a panoramic view, they aren’t kidding! The information can be so expansive that people who are just getting started might find it a bit intimidating.
In that regard, starting with the free version might make a lot of sense. Once you start to get a handle on the planner and the “what if” scenarios, you can upgrade to see a more detailed view.
Additionally, you shouldn’t forget that there is a lot of support available to Boldin users, especially those who pay for the PlannerPlus tier.
Pricier than competitors
One thing that really stood out to us when putting together the Boldin review is that it is pricier than some of its competitors. For example, Empower gives you access to all of its planning tools for free. However, once you start to amass a significant amount of assets, Empower does do some upselling with a phone call.
If you have the $144 to pay up front for the year, Boldin might be worth it.
Boldin Review: Check Out the Boldin Competitors
As you consider which tool to use to help with your retirement plans, there are a few Boldin competitors you may want to explore.
Empower
Empower is probably the most widely known retirement planning platform. That’s because this beloved tool is widely used in the FIRE community. Empower gives users access to their full suite of planning tools for free. However, once you have $100,000 in assets, they do make a phone call to try to reel you in as a paying customer through their advisor channel.
If you can stomach the phone call (or dodge it!), there’s a lot to enjoy about Empower.
ProjectionLab
ProjectionLab is another retirement planning tool. It is similar to Boldin in that there are free and paid tiers. However, one thing that stands out is that ProjectionLab gives all users access to the Monte Carlo simulation results, even on the free tier.
Check out our full review on the power of ProjectionLab.
Final Thoughts on Boldin Review
Boldin stands out as an exceptional financial planning tool at a reasonable annual price. More specifically, we like that it connects you to advice-only advisors if you need a clearer financial picture with more support.
Still, there are definitely other options available that are less expensive and with less of a learning curve. Overall, Boldin is a 4.5-star tool in our book. If you really want a detailed view of your finances with the ability to explore different scenarios, Boldin might be right for you.
What surprised you in our Boldin review? What tools do you use to plan for retirement?
Please let us know in the comments below.
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