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Stop lower social security benefit when one dies

Torrid Support 1

April 30, 2010 12:41

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Male age 89 spouse age 71 both drawing Social Security. If I put SS on the first screen, how do I show the change in benefits when he dies?

One option. Put the lower benefit on Cash Infusions and set the Duration to line up with the male's estimated death age. Thus the higher benefit keeps going from main screen and the other one stops.

The only downside is that the Social Security Benefit blue on income graph will only have one benefit.  The other will show up as White - Other Income.

Does this help?

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2 comments

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  KPCHERRY August 19, 2010 17:10

  I have this same question.  I input the social security to be stopped at the age to start and applied the SSA COLA percentage as inflation for the duration of the model.  The downside of this is that is is then treated as after tax dollars and you will not see the tax effect associated  with the withdrawn SS amount.  This is basically a work around , not the best option.  Would be great to add a switch to each person's SS to turn off after a particular age.

   

  Would treating your SS payments as cash infusions nullify the program's special handling of  SS (i.e, taxation, COLA, etc.)?

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  Torrid Support 1 August 19, 2010 18:18

  Hi,

  We are probably going to add a stop age but for now you would need to move it to Cash Infusions.  Unfortunately this does circumvent the SS taxation algorithm and you would have to guestimate and enter a tax rate to apply to the incoming Soc Sec payments.  You can enter the COLA on the cash infusion line and match what you were using under Settings.  Mathematically it should still be a decent estimate even after doing that....

   

  Regards,
  -Tim