Feature Updates

A summary of new features, updates, and other changes to IncomeWize.

2026
April
  • Updated planner with the flexibility to add Taxable, Tax-Deferred, Tax-Free, Social Security, Pension, and Employment buckets as needed
  • Updated stress testing AI model with broader historical market data to improve modeling for severe market downturns
March
  • Added Cash Flow Map chart to visualize income and expense flows through retirement MAJOR
  • Updated all state tax rates, brackets, deductions, exemptions, credits, and retirement/Social Security income treatment for 2026 filing season
February
  • Created About page to present the IncomeWize mission statement
January
  • Added "Already Retired", "Already Receiving" pension benefits, and "Already Employed" options to simplify planning for current retirees MAJOR
  • Updated Social Security buckets to support past benefit start dates, improving accuracy for those already receiving benefits
  • Improved readability of input form validation errors and provided detailed explanations in FAQ — see FAQ
  • Fixed an issue with PIA adjustments for already retired Social Security beneficiaries
2025
December
  • Updated federal marginal and capital gains tax brackets, standard and other deductions, and OASDI earnings wage cap for 2026
  • Updated Medicare premiums and IRMAA thresholds and surcharges for 2026
  • Updated Social Security retirement earnings test exemption amounts for 2026
  • Updated the How it Works page with a navigation bar for simpler section navigation
August
  • Streamlined investment buckets by centralizing growth rate inputs in Assumptions
  • Added seven predefined stock/bond mixes with estimated returns based on equity growth rate, dividend yield, and bond yield set in Assumptions
July
  • Added temporary bonus senior standard deduction included in OBBBA tax legislation
  • Updated standard deduction to reflect increase included in OBBBA tax legislation
June
  • Added retirement healthcare spending projections to IW Retirement Planner, including Medicare, pre-Medicare, and long-term care MAJOR
  • Updated Expenses chart to display annual healthcare expenses
  • Upgraded website security for all browser interactions with IncomeWize — rated A by Synk
May
  • Added Expenses chart to visualize forecasted expenses over the course of retirement MAJOR
  • Updated Roth conversions to accommodate both primary and spousal conversions within the same year MAJOR
  • Updated Income & Taxes Paid, Cash Flow, and Actions charts for additional details and transparency
  • Fixed an issue with federal tax bracket inflation adjustments and resolved other miscellaneous issues
April
  • Added PennyWize, a chatbot designed to answer questions about IW Retirement Planner and general retirement planning topics MAJOR
March
  • Updated Stress Testing with AI-enabled investment returns, asset correlation, and other features to improve alignment with real-world dynamics MAJOR
February
  • Added Cash Flow Table chart for tracking income and expenses through retirement MAJOR
2024
December
  • Updated federal marginal and capital gains tax brackets, standard deductions, and OASDI earnings wage cap for 2025
  • Updated Medicare IRMAA thresholds and surcharges for 2025
  • Updated Social Security retirement earnings test exemption amounts for 2025
November
  • IncomeWize Retirement Planner official release MAJOR
  • Updated state taxes to include all states and refreshed previously existing states with latest tax information MAJOR
  • Updated federal taxes to include the Additional Standard Deduction for Taxpayers Age 65 or Older
September
  • Added Retirement Expenses Estimator to help estimate initial retirement expenses based on current spending MAJOR
  • Updated Straight-Line Forecast dashboard to include the average portfolio withdrawal rate over retirement
August
  • Added Today's Dollars chart in Bucket Balances chart, for a more accurate reflection of purchasing power
March
  • Added Social Security Maximizer to determine optimal Social Security filing strategy — see FAQ for details MAJOR
  • Improved accuracy of Social Security benefits estimates and other calculations by incorporating date of birth
February
  • Added Social Security spousal benefits modeling — see FAQ for details MAJOR
  • Updated Medicare IRMAA chart for annual threshold and surcharge inflation
  • Created Feature Updates page to highlight ongoing improvements to IncomeWize
January
  • Added More Social Security Scenarios feature for additional claiming paths including early Survivor Benefits
  • Updated Plan Assumptions with new fields for Social Security COLA and Pension COLA
2023
December
  • Added Other Income feature for one-time or recurring income events MAJOR
  • Updated federal taxes for 2024 including marginal and capital gains tax brackets; NII and FICA remain unchanged for 2024
  • Updated Medicare IRMAA thresholds and surcharges for 2024
  • Updated Social Security retirement earnings test exemption amounts for 2024
November
October
  • Created Features page to highlight key features and functionality
  • Updated default investment and other growth rate values
  • Added tips to improve outcomes for unsuccessful retirement plans
September
  • Added Social Security survivor benefits modeling — see FAQ for details MAJOR
  • Added Roth conversion feature — see FAQ for details MAJOR
  • Added Extra Expenses feature for large one-time or recurring expenses — see FAQ for details MAJOR
  • Added Tax Analysis charts for visualizing taxes including Federal, Capital Gains and Medicare IRMAA surtax MAJOR
June
  • Added Tax Minimizer feature for limiting taxes below a specified tax bracket — see FAQ for details MAJOR
  • Added Extra Savings feature for ongoing accumulation of pre-retirement savings MAJOR
  • Added updatable Plan Assumptions
May
  • IncomeWize Retirement Planner public beta release