I used both. I started out with a simple 5x magnified light. It did the job, but I felt that I was always cramped or bound to the position of the light. If I wanted to move around, I had to take into account the focal distance of that magnifier. Often times I'd end up sometimes bumping the model or brush handle into the lamp as I was rotating models trying to get that one oddball angle to paint. I think it was less than $30 ($26 according to my amazon invoice), so it wasn't a bad purchase, I'll use it elsewhere.
I got a Neatfi as a gift, and I bought a set of magnifying goggles and I like this setup much more. The light is very well articulated, throws a bunch of light, and very sturdy. The joints are somewhat protected so its near impossible to pinch yourself while adjusting it. Its very well designed and put together, the packaging was great, but it is in one of the upper tier of lighting solutions out there. You can probably do a similar or, arguably better setup with two articulating lights and a 5000k LED bulb. I wish it had a VESA type mount, so I could mount it to a monitor arm or something, giving it just a bit extra reach, but it might be that I have a deeper than typical workstation.
One advantage with the separate magnifier is that I can use it when airbrushing or other tasks where the light would get in the way.
As another "just kinda started after 25 years" and having trouble focusing down on what was trivial some 7 years ago...
The best thing I've done was to spend money on two things:
1) Good lighting. I splurged for an expensive light, but that's not required. One or two of these gooseneck type clamp on desk lamps plus a 5500k bulb will set you back about $30 apiece. One is great, but two, positioned to spill light across your workstation would be better.
2) Head mounted magnification. Several people suggested the reading glasses, I might try those as well, but I went with these magnifiers. The wrap-around versions don't suit my head, and if you wear contacts this may be an option.
Aside from a nice place to work, a comfy chair, the hobby is coming together after my hiatus.