I found this chart from Tyndale Publishers terrific. Disclaimer: They publish the NLT.
I think this chart does a great job of communicating the differences in many of the popular translations of the Bible out there today. They are all saying the same thing (with the exception of those published by cults like Jehovah Witnesses and Mormons) but they translate with slightly different goals.
My suggestion is to familiarize yourself with this chart and the translations you might use and then read several translations in your study and devotional reading. And I wouldn't feel guilty for reading one that is easier to understand instead of one that is written in a Shakespearean style just because you're grandparents do. It may be a great translation but it's not real effective if you don't understand what it's saying.