Why does Income Lab need clients’ month and year of birth?

Income Lab uses month and year of birth to calculate current client ages, which are important inputs to the Income Lab actuarial engine. We don't take in the full date of birth (MM/DD/YYYY) because the actuarial engine works on monthly, not daily ages.

Combined with a plan’s Longevity Settings, client ages help determine the length of the plan at any given point. Once a plan is implemented, Income Lab’s actuarial engine recalculates ages and plan lengths on a monthly basis. This ensures that a plan’s longevity assumptions are never out of date.