Modeling SS Benefits Where Wife Retires First

QUESTION

Wife, 65, plans to retire next year. Her SS benefit @ 66 is estimated at $22,800. By delaying to age 70, her benefit grow to approx. $31,100. But, at 66, she can file for benefits under her husband's SS account and get approx $12,600. How do I get a $17,500 increase in SS benefits into the plan when she turns age 70?

ANSWER

You will have to use Cash Infusions for part of this.

My recommendation is to use the main screen for the longest duration of benefit

and then use Cash infusion for the pre 70 small changes.

Mathematically it will give you exactly what you need but note that

Cash Infusions show up as “other income” and white vs. Social Security.

So I would consider entering the $31k for her starting at her age 70

but then model the file and suspend amount before age 70 using Cash infusions.

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