Most conventional retirement calculators don't account for taxes and complex retirement account rules, both of which are essential for accurate forecasting.IW 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 industry-standard Monte Carlo stress testing to assess retirement plan risk
Calculates your plan's Probability of Success by simulating 1,000 scenarios
AI-enabled investment growth, asset correlation, and other features for more realistic stress testing conditions Naturally factors in positive and negative investment years, including significant losses of 30 percent or more
Estimates final balance, expenses, and taxes paid through stress testing scenarios
Professional Reporting
A dozen user-friendly charts to help you understand retirement plan outcomes Balances, Income, Taxes, Cash Flow, Plan Confidence, Medicare (IRMAA), etc.
Dashboard style summary of total income & taxes, non-investment income, withdrawal rate, and 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
Support
Step-by-step How It Works guide and searchable FAQ with in-depth information
PennyWize AI Assistant for quick answers about Retirement Planner features and retirement-related questions
Direct support from IncomeWize for questions about IW Retirement Planner