Income Lab, the recently awarded “Highest-Rated Retirement Distribution Planning Tool” by the 2023 T3/Inside Information Advisor Software Survey, launched fintech’s first historical retirement stress test for financial advisors. This innovative tool allows financial advisors to assess the impact of historical market events on their clients’ retirement portfolios by showing actual income adjustments. By simulating the effects of past market downturns and other economic events, advisors can address client’s concerns with an answer rather than a score. The Retirement Stress Test offers a detailed summary of a client’s financial plan and offers personalized recommendations to ensure they can stress-test their investments, income, and savings against worst-case scenarios, like the 2008 Global Financial Crisis or the Great Depression. It provides insights on when clients would have increased, decreased, or sustained their current financial situation throughout their retirement.
Key features of Income Lab’s new Retirement Stress Test:
- Real Historical Scenarios – See some of the worst times in history
- Income Guardrails – Guide clients through tough times
- Multiple Client Scenarios – Evaluate different strategies
Here what some notable people have to say:
“The Retirement Stress Test is such a valuable tool when walking a client/prospect
through their retirement income plan. I can show someone that market shocks are a
very real possibility in retirement, but here is how we would have helped them
navigate past market shocks—that level of awareness and reassurance can provide
such peace of mind. Offering a dynamic income plan helps our firm fill a void left by
many of the industry-leading tools on the market right now.”
–Andy Anderson, CFP®️ Creekmur Wealth Advisors
“I think the new Retirement Stress Test is an incredible feature for showing clients
just how their retirement would have faired in some of the worst economic climates
we would have seen over the past 100 years. Since the tool was released, we’ve
used it directly in client meetings during some of the market turmoil of 2022 and
early 2023 and immediately you can see relief and confidence from the client when
they see that their retirement would have held strong through events much worse
that what we are seeing now, like the Great Depression or Stagflation Era of the
60s. We love that this feature allows you to show the guardrails relative to the
portfolio moving through time as well.”
– Eric Sajdak, ChFC®️ , NSSA®️ Safeguard Wealth Management
“Hitting the right level of abstraction is an ongoing challenge when communicating
with clients, especially when attempting to simplify the complexities of retirement
income planning. Income Lab’s “Retirement Stress Test” hits the sweet spot by
combining clients’ dynamic income plans with the historically significant time
periods that are etched in their minds, providing context that enriches the
retirement income planning process. This new feature complements Income Lab’s
existing features by expanding how advisors can tailor their communication based
on client preferences.”
– Michael Nemick, CFP®️ Thrive Retirement Specialists
“My clients, who are set to retire, came in for their preparation and review meeting.
They both had second thoughts about retiring this year due to the market and,
‘what if this is like another depression?’ I said, ‘let’s see for ourselves,’ and
reviewed the retirement stress test using the Great Depression scenario. The clients
were amazed to see not only didn’t they run out of money, their income provided
for all their needs and goals throughout the entire time period! They left the
meeting confident in their decision to move forward with retirement this year.”
–Ted Toal, CFP®️ President at RCS Financial Planning
