Unlike conventional retirement planning tools, IncomeWize incorporates taxes, complex Social Security rules, and real-world withdrawal planning.
Tax-Smart
Factors in tax liabilities across your retirement plan Federal, State, Capital Gains, Net Investment Income, and FICA
Differentiates between Capital Gains, Dividends, and Interest Income
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, Passive Income, and Employment
Differentiates between you and spousal accounts and income
Supports one-time or recurring income events like inheritance and lump sum pension distributions
Flexible Expenses
Includes diverse fixed and flexible spending strategies
Allows for recurring and non-recurring expenditures alongside everyday spending E.g. Child's Wedding or Tuition, 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
Healthcare
Calculates Medicare (Part A, B, and D) premiums and IRMAA surcharges
Includes Medicare out-of-pocket costs, and pre-Medicare coverage
Supports long-term care expenses for the last two years of retirement
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, and much more
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
Over a dozen user-friendly charts to help understand retirement plan outcomes Balances, Expenses, Income, Taxes, Cash Flow, Plan Confidence, Social Security Breakeven Year, and more
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
Contextual tooltips with clear explanations throughout the Retirement Planner
Step-by-step "How It Works" guide and searchable, in-depth FAQ
PennyWize AI assistant for quick answers to Retirement Planner and retirement-related questions