Income Lab adds college and pension tools to planning software

Income Lab added college funding, student aid, pension and early-retirement tools to its planning software, the Golden, Colo., vendor announced Nov. 12. The additions extend a platform built on retirement income into a client's working years.

The new college, pension and FIRE tools are included in Income Lab Pro. Income Lab describes the additions as extending the analysis behind its retirement income tools to decisions that come years or decades earlier. "We became known for helping advisors answer a key question: How much can I spend in retirement?" said Justin Fitzpatrick, president and co-founder. "But clients have important questions long before they retire, and those decisions affect one another."

For advisors, Core users do not get the new college, pension and FIRE tools. Preretirement Planner, Life Hub, Tax Lab, the Social Security Optimizer and cash value life insurance modeling are available in Core and Pro. College Funding Planner, Student Aid Index tool, FIRE Lab, Pension Option Analyzer, Penny's tax return analysis and the Medicare and estate tools require Pro. Pricing for the tiers was not disclosed.

The Preretirement Planner in Decision Lab compares 25 combinations of retirement dates and savings levels. The Pension Option Analyzer sets lump sums against pension income across longevity scenarios. Penny, the company's digital paraplanner, now includes a College Funding Planner that weighs school costs, existing savings, projected grants and borrowing to show funding gaps. Income Lab says the Social Security Optimizer runs more than 9,000 claiming combinations for couples.