恭喜發財 or 新年快樂?

"恭喜發財" is the traditional Chinese greeting during Chinese Lunar New Year.  But translated to English this literally means "congratulations fortune".  So it probably was meant to say "congratulations and good fortune" or "congratulations on your fortune"?   I will have to ask my Chinese cousin in law who was born and raised in China.

"新年快樂" on the other hand is translated to English as "happy new year".  

I am always not sure what to say to people during Chinese New Year.   Perhaps to the Chinese I use the traditional greeting and to non chinese I use the more literal greeting of Happy new year.