A summary of new features, updates, and other changes to IncomeWize.
2026
April
Added Passive Income bucket to track rental earnings, royalties, and dividends MAJOR
Updated planner with the flexibility to add Taxable, Tax-Deferred, Tax-Free, Social Security, Pension, Passive Income, and Employment buckets as needed
Updated stress testing AI model with broader historical market data to improve modeling for severe market downturns
Simplified Pension income bucket by removing COLA Adjustments checkbox and enabling automatic COLA increases by setting the COLA rate in Assumptions
Fixed an issue affecting federal standard deduction inflation adjustments
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