Personal Finance (Not Investing) • Income Lab - financial planning tool for CFPs

I just signed up for a planning tool called Income Lab that is really only for advisors. I read about it in a Kitces blog post co-authored by Derek Tharp (who's also on the advisory board at IL) about risk-based income guard rails and it sounded like it did exactly what I was looking for, which is providing a clear answer to the question, how do I turn our entire investment and savings portfolio into a paycheck that will last for as long as we live, along with a bunch of other related questions:

• How much per month?

• From which accounts, in which order?

• How long will it last?

• What happens if I do a ROTH conversion?

• What happens if I don't??

• How much will my taxes be this year? Next year? Total lifetime?

• What about state taxes? IRMAA? SSA?

• What do I do next year?

Check, check and check. Income Lab is awesome. I've played around with two other industry-grade tools, eMoney and Orion, and they're both about equal to each other; and neither one offers the level of insight and great graphical outputs that incomelab offers.
This demo gives a good overview of its capabilities: https://www.youtube.com/watch?v=m6VivAOyrkg

I sent them an email and asked them if they could suggest an advisor who uses their product who I could contact so I could sign up with them. They replied that I could get individual access at the intro special rate and they'd extend it past the 3 month trial period as long as I understood it would not come with any live support (because they're not set up to offer this to individual users - they really are an advisor-only platform).

Finally - a solution to annuitizing our portfolio and generating a paycheck that is pretty much guaranteed to succeed without actually buying an annuity. At least, that's what it feels like to me.

Statistics: Posted by tman9999 — Mon Feb 10, 2025 7:25 pm

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