GOLDEN, Colo., Nov. 12, 2026 (GLOBE NEWSWIRE) — Income Lab, a provider of financial planning and retirement income software for financial advisors, today announced an expansion of its full life-cycle planning capabilities, including tools introduced for college funding, student financial aid, pension decisions and early retirement, and Penny’s tax return analysis.
Building on its roots in retirement-income planning, Income Lab expansion allows advisors to address clients’ most important financial questions in the context of one ongoing plan.
“We became known for helping advisors answer a key question: How much can I spend in retirement?” said Justin Fitzpatrick, President and Co-Founder of Income Lab. “But clients have important questions long before they retire, and those decisions affect one another. Our expansion is about bringing rigorous analysis and clear, practical answers to more of those decisions—not just adding more features to a checklist.”
As people choose to retire at earlier ages, decisions in working years and pre-retirement become more important. The decisions that shape retirement often happen decades before it begins. How much should a family save for college? What are the options for retirement funds after a job change? How would Roth conversions affect long-term taxes or the decision to retire early? These questions are connected: a choice made today can change the income available later. With these changes, Income Lab brings the same analytical depth that made its retirement-income tools widely adopted to decisions throughout the client life cycle.
The working years. Planning typically begins when work begins, and Income Lab supports this phase. Advisors can use the “Life Hub” plan mapping view and the Insights Dashboard to make a household’s financial picture understandable—from savings, debt and emergency reserves to projected retirement income. The plan also models employer retirement contributions, taxes, cash value life insurance and business sales, helping advisors show how choices today affect future options. Moreover, Penny’s tax return analysis helps all families understand their tax situation at all phases of life, including in their working years.
Paying for college. College is one of the largest potential costs for families outside of retirement savings. Penny, the digital paraplanner, now helps advisors answer a question many families face early: “How much should we save for college?” The College Funding planner considers actual school costs, existing savings, projected grants and borrowing to show funding needs and gaps alongside other goals. Because the planner is tied to the overall plan, advisors can see how college decisions affect the rest of the household’s picture.
Approaching retirement. “When can I retire?” and “How much should I save?” are questions about what a household can ultimately afford to spend. The Preretirement Planner in Decision Lab compares 25 combinations of retirement dates and savings levels in spending dollars, drawing on Income Lab’s modeling of investment, inflation, longevity and cash-flow risk. Advisors can compare investment strategies and Roth conversion scenarios in Tax Lab. Penny’s new FIRE Lab offers an initial comparison of up to seven financial-independence approaches to help those in their working years explore when they might reach financial independence. Penny also helps advisors plan the transition from working to ACA coverage to Medicare. In the plan itself, advisors can apply the “Rule of 55” for penalty-free withdrawals from a former employer’s plan. The plan also adds a Medicare IRMAA appeal automatically when a client stops working, if the appeal benefits the plan.
Social Security planning. Decisions about when and how to draw Social Security benefits require a connected view of the plan. The Social Security Optimizer analyzes more than 9,000 claiming combinations for couples; Penny’s new Pension Option Analyzer compares lump sums and pension income across longevity scenarios.
During retirement. Income Lab plans automatically track and monitor plans, updating important balances, pension, and Social Security values and letting advisors know when the plan is calling for a change.
For the next generation. Tax Lab compares the projected after-tax legacy of distribution strategies, while Penny’s estate tools help advisors optimize beneficiary allocations and gifting—extending the same planning conversation to what clients leave behind.
The Preretirement Planner, Life Hub, Tax Lab, the Social Security Optimizer and cash value life insurance modeling are available in Income Lab Core and Pro. The College Funding planner, Student Aid Index tool, FIRE Lab, Pension Option Analyzer and Penny’s tax return analysis, Medicare, and estate tools are included with Income Lab Pro. Income Lab is No. 1 in retirement distribution planning by market share for three consecutive years, 2024 to 2026, in the T3/Inside Information Software Survey.
Advisors can watch Justin Fitzpatrick walk through full life-cycle planning, from the working years to retirement, at incomelaboratory.com/learn/webinars/full-life-cycle-planning. More information is available at incomelaboratory.com.
About Income Lab
Income Lab is financial planning software for financial advisors. It plans the full client life cycle, from the working years through retirement income and legacy, and retirement income is its deepest strength. Income Lab serves a growing base of advisory firms across the United States. For more information, visit incomelaboratory.com.
Media contact For Income Lab Lisa Aldape VOCATUS laldape@vocatusllc.com
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