Financial Service Industry Veterans Launch New Retirement Solutions Platform

Retirement industry thought leaders Dr. Michael Finke and Tamiko Toland launch IncomePath, a novel solution provider that simplifies retirement income planning.

IncomePath uses a goal-based process that considers spending flexibility and other factors to help users visualize how risk affects possible lifestyle paths. By clarifying how investment volatility and an unknown lifespan impact spending, IncomePath allows a client to select the right combination of investment risk, portfolio withdrawals, and annuity income. IncomePath includes a step-by-step retirement income planning guide and visual aid that allows a client to choose their lifestyle path.

“Most planning software focuses on failure,” said Finke, Co-Founder and Chief Strategist of IncomePath. “But failure isn’t a realistic way to plan since it ignores our ability to adjust spending in response to uncertainty. What people really need is a better way to understand the choices they can make to build an income that fits the way they want to live. That’s the goal of IncomePath.”

IncomePath’s visualizations help an individual see how “good” or “bad luck,” and the use of financial products that transfer risk could shape their retirement. At its core, IncomePath illustrates the differences between retirement income choices.

"IncomePath provides an intuitive way for consumers to gain a deeper understanding of how investment risk and financial products work and the key tradeoffs involved," said Tamiko Toland, CEO of IncomePath. "We want to help consumers to make a personal decision about how much lifetime income they want—if any—through a simple planning experience."

Finke and Toland introduce the methodology behind the IncomePath in a new white paper, “Freedom to Spend: Building a Better Retirement Income Plan Using Income Paths and Flexible Spending.” They move the conversation away from “failure” rates associated with the hotly debated 4% rule and focus on lifestyles that use more realistic spending that is better suited to match a client’s goals.

IncomePath (www.incomepath.com) is expected to be available for individual financial professionals in the first half of 2024.