Most conventional retirement calculators don't account for taxes and complex retirement account rules, both of which are essential for accurate forecasting.The IncomeWize Retirement Planner incorporates federal and state taxes, different account types, required minimum distributions, Social Security rules, and much more to offer a comprehensive free retirement planning solution.
Tax-Smart
Factors in tax liabilities across your retirement plan Federal, State, Capital Gains, Net Investment Income, and FICA (Social Security and Medicare)
Differentiates between Capital Gains, Dividends, and Interest Income
Calculates Medicare IRMAA surtaxes
Built-in tax optimization features
Diverse Income Sources
Supports varied income types and associated rules Taxable, Tax-Deferred, and Tax-Free Accounts, plus Social Security, Pension, and Employment
Differentiates between you and spousal accounts and income
Supports one-time or recurring income events like inheritance, lump sum pension distributions, and royalties.
Flexible Expenses
Supports diverse spending strategies
Allows for recurring and non-recurring expenditures alongside everyday spending E.g. Child's Wedding or Tuition, Long-Term Care, Debt, Family Vacation, etc.
Social Security
Enables evaluation of Social Security scenarios to see how they impact your retirement plan
Helps maximize lifetime benefits with Social Security Maximizer
Estimates Social Security retirement, spousal, and survivor benefits
Covers major Social Security benefits rules Delayed Retirement Credits, Earnings Test, RIB LIM, Restricted Application and Deeming Rules
Sophisticated Modeling
Quickly determines potential exhaustion of retirement funds with tips to overcome shortfalls
Accounts for Required Minimum Distributions
Supports Roth conversion scenarios that let you stay under a specific tax bracket
Automatically calculates penalties including IRA withdrawals before 59 1/2
Allows for modifying a range of plan assumptions Inflation, Social Security and Pension cost-of-living adjustments (COLA), Investment Account Fees, etc.
Stress Testing
Supports Monte Carlo stress testing to assess retirement plan risk Factors in positive and negative investment years, including significant losses of 30 percent or more
Calculates your plan's Probability of Success over 1,000 scenarios
Estimates final balance, expenses, and taxes paid over stress testing scenarios
Professional Reporting
User-friendly charts to easily understand your retirement plan outcomes
Dashboard style summaries for plan expenses, taxes, non-investment income, and much more
Sophisticated tax charts to visualize years where tax optimization strategies can be applied
Comprehensive accounting of all actions taken, year by year, across your retirement plan