Originally from ticket #9386.
1. How do we calculate and illustrate the social security survivor/widow benefit amout after the death of the first spousr?
2. How do we change the social security COLA percentage to 2% or another value?
Phil,
To answer your questions:
1. How do we calculate and illustrate the social security survivor/widow benefit amout after the death of the first spouse?
- our software does not calculate the value of that. Typically if both spouses are getting retirement benefits, then the higher one continues after the death of either spouse. In which case just set the Stop Age on the lower benefit to stop at the age that syncs to the year you are modeling for the death age.
2. How do we change the social security COLA percentage to 2% or another value?
- If you are hand entering your own estimate, click on the Settings menu and then on Social Security. You can change the COLA there.
- If you use the built-in estimate, you cannot change it because the built-in estimate is set up to use assumptions Torrid Tech deems reasonable. In this case the COLA is a 20 year average and is around 2.56% I believe
Does this help?