Press Release

Is Waiting Until 70 Too Simplistic? Income Lab’s New Social Security Optimizer Challenges the Status Quo

Issued by Income Lab

May 28, 2025

DENVER -- Income Lab, the #1-rated retirement income planning software two years in a row, today announced the launch of a revolutionary Social Security Optimization tool, giving financial advisors a smarter, more personalized way to model Social Security strategies and help clients answer one of the most emotionally and financially important questions in retirement: “When should I take Social Security and what if I want to retire earlier?”

The Social Security Optimization tool is the first module rolled out within Decision Lab, Income Lab’s new interactive scenario planning platform. Seamlessly integrated into Income Lab’s suite of retirement income tools, this powerful feature enables advisors to focus on client concerns around mortality risk, the stability of future benefits, and the opportunity costs of delayed claiming. The tool provides clear visuals that empower more meaningful conversations and precise modeling of retirement scenarios.

“For years, the advice has been simple: wait as long as possible to claim Social Security,” said Johnny Poulsen, CEO of Income Lab. “But what’s optimal as a rule of thumb doesn’t always reflect the real goals or health considerations of clients. Our Social Security optimizer helps advisors model those trade-offs clearly, so clients can retire on their own terms, with confidence and without second-guessing their decision.”

It’s common to read that most people should delay Social Security benefits until age 70. But that one-size-fits-all guidance overlooks individual circumstances. Income Lab’s Social Security Optimization tool offers a more personalized, client-specific view by:

• Factoring in Both Longevity and Mortality Risk – Most tools only assume long lifespans. Income Lab helps advisors account for the full range of outcomes, including what’s at stake if clients don’t live into their 80s or 90s.
• Modeling Early Retirement Scenarios with Confidence – Help clients evaluate if accepting slightly reduced benefits is a worthwhile trade-off for retiring earlier and enjoying more years on their own terms.
• Planning for Future Policy Risk – With the Social Security Administration projecting potential benefit reductions by 2033, Income Lab equips advisors to model possible outcomes and prepare clients proactively.

“Clients are asking better questions—and expecting better answers,” said Justin Fitzpatrick, President of Income Lab. “They might have a real preference to claim before 70. And that could be based on worries about mortality or benefit cuts, or on a feeling that they would live with more confidence receiving that check every month. We built the optimizer to give advisors the tools to explore those real-life questions in real time.”

To learn more, join us for a live launch webinar on June 10 at 1 pm ET to see the new Social Security Optimization tools within Decision Lab. Click here to register.

About Income Lab

Income Lab provides financial advisors with modern software for ongoing retirement income management and client engagement. Its platform delivers tax-smart, adaptable, and transparent retirement planning tools that evolve with clients’ needs. Income Lab was named “Best in Show” at the 2022 & 2023 XYPN Advisor Tech Expos and ranked as the “Highest-Rated Retirement Distribution Planning Tool” in the 2023 & 2024 T3/Inside Information Advisor Software Survey.

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