Social Security benefits in the Planner
acferrad
Quicken Windows Subscription Member ✭✭
I have entered estimated values for Social Security benefits for my wife and I based on our latest statements from SS. Accounting for 2% inflation, at the start of benefits for me (7 years henceforth), the number in the plan is dead-on. But that for my wife is correct on the 7th year, but then jumps 50% in the next year. Any idea why this is?
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@acferrad Sounds like you have the spousal benefit and modelling in Quicken correct. Can be confusing. I went through a discussion recently here: https://community.quicken.com/discussion/comment/20080021#Comment_20080021
In the thread, there are a few resources I cited around spousal benefits - decent explanations and a tool. You can parse through and find my posts.... Seems that Quicken has modeled this sometimes complex subject reasonably well, IMO.
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It seems that, although my wife gets a social security statement which gives an estimate for her social security benefits, my social security is taken into account too and she qualifies for extra based on that. Don't quite understand it, can anyone point me to some explanation?0
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ahah! https://www.investopedia.com/articles/financial-advisors/041116/guide-social-security-dependent-benefits.asp
Benefits for the Spouses of Retirees
The husband or wife of a retiree who is already drawing Social Security is eligible to receive a spousal benefit. The payment equals up to one-half of the retired spouse's monthly payment, also known as their full primary insurance amount (PIA). In order to receive this benefit, the spouse receiving the spousal benefit must be at least 62 years old or caring for a child who is younger than 16 or is disabled and is entitled to receive benefits on the retiree's work record.0 -
Hello ACFerrad,
Without having access to your specific data file (and the exact conditions/situations/set up you have in your data file), it will be very difficult to provide you with a definitive answer to your question via the Community.
To troubleshoot this, I'd suggest you take a very close look at how you have the Planner and Social Security income set up. You have not indicated that you are getting any error codes, and I'm working on the presumption that you are running the most up-to-date version of Quicken, so double-checking the initial data input is a good place to start troubleshooting.
You might want to create a copy of your current 'working' data file. Then use the copied data file as a "test file" to run variations within the Planner. Once you have worked out the most correct inputs for your particular situation, then save your correct/confirmed inputs into your 'working' file.
If you like, please post additional details to this thread, or contact support directly if you'd like one-on-one help troubleshooting the unexpected results.0 -
@acferrad Sounds like you have the spousal benefit and modelling in Quicken correct. Can be confusing. I went through a discussion recently here: https://community.quicken.com/discussion/comment/20080021#Comment_20080021
In the thread, there are a few resources I cited around spousal benefits - decent explanations and a tool. You can parse through and find my posts.... Seems that Quicken has modeled this sometimes complex subject reasonably well, IMO.
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> @Quicken Hugh said:
> Hello ACFerrad,
> Without having access to your specific data file (and the exact conditions/situations/set up you have in your data file), it will be very difficult to provide you with a definitive answer to your question via the Community.
>
No problem Hugh, it is the Spousal Benefit I was not aware of.0
This discussion has been closed.