If an income record with income type of Social Security has already been defined outside of the plan for either client or spouse (Client Profile, Financial Info), both the age to collect and the amount to collect for that person are filled in by default with values from the income record. The Income Name, Tax Status, End Date, and Adjustment fields of the income record are ignored in the plan. If the frequency of the income record has been defined as monthly, the amount is multiplied by 12. Any Social Security income defined at the client level for other members besides the primary and spouse is ignored. If multiple Social Security income records exist for either the client or spouse, only the first is used.
If no Social Security income has been defined outside of the plan, the age to collect will default to the larger of two values: expected retirement age from previous screen, or 65. The amount will be blank by default.
Click the Calculate Default Benefit button to automatically populate the Amount to Collect field(s) with a value calculated from the client’s (or spouse’s) income, age, and retirement year.
To disable the 50% Spousal rule, click the check box.
Note: The default benefit is provided as an estimate. It may not match the one provided by the client's Social Security statement. The default benefit is calculated according to the benefit calculator provided on the Social Security Administration website. The source code for this page shows how the benefit is calculated.