T. Rowe Price has taken another step forward in retirement innovation with the launch of Income Solver, a new planning tool developed through its fintech subsidiary, Retiree Inc.. Built for today’s increasingly complex retirement landscape, the software is designed to help financial advisors stand out by offering more thoughtful, personalized income strategies for clients entering or living in retirement.
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Rather than relying on static assumptions, Income Solver helps advisors coordinate withdrawals across multiple income sources including investment accounts, Social Security benefits, and Medicare premiums while carefully navigating intricate tax rules. Using a proprietary methodology backed by research, the platform can potentially extend a client’s retirement income by as much as seven additional years or up to $1 million after taxes, giving retirees greater confidence that their money will last.
As Bill Meyer, Head of Retiree Inc., explains, retirement income planning can’t be handled with a one-time decision. Once someone reaches the decumulation phase, they need a strategy that evolves with them. Income Solver addresses this reality by re-evaluating and optimizing withdrawal sequences every year, helping advisors adjust to changing markets, tax laws, and client needs—while aiming to preserve portfolio longevity.
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The software also simplifies what has traditionally been a time-consuming process. By testing thousands of possible withdrawal scenarios behind the scenes, Income Solver reduces manual work and minimizes the risk of errors. Advisors can focus on meaningful conversations with clients, while still incorporating advanced planning approaches such as Roth conversions, household-level rebalancing, and tax-aware cash flow management. Integrated Social Security optimization through SSAnalyzer® further strengthens decision-making around when and how benefits are claimed.
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Income Solver builds on T. Rowe Price’s broader suite of retirement income solutions and is supported by the firm’s educational initiative, Solving the Retirement Income Puzzle. This program equips advisors with practical resources to help pre-retirees better understand the challenges and opportunities involved in turning savings into sustainable income.
According to Kevin Collins, Head of U.S. Intermediaries at T. Rowe Price, the firm remains focused on helping advisors deepen client relationships through innovation. He notes that Income Solver allows advisors to ask a powerful, forward-looking question: What would you do with seven more years of money in retirement? It’s a question that encourages clients to imagine not just financial security, but a more fulfilling retirement journey.
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