How are survivor benefits modeled and reported in Boldin?
Understanding how survivor benefits are treated in Boldin's income analysis tools is essential for accurate financial planning. This article explains how survivor benefits are modeled, adjusted, and reported for pensions and Social Security within the Boldin platform.
Overview of Survivor Benefits in Income Analysis
Survivor benefits are an important aspect of income planning, ensuring financial support for a spouse or dependent after the primary income earner's death. In Boldin, these benefits are either automatically included or combined into total income streams, depending on the type of income source.
Pension Income and Survivor Benefit Adjustments
Why does the projected annual pension amount remain unchanged when altering the survivor benefit?
If your pension is labeled as "spouse" in Boldin, the projected annual amount remains unchanged when you adjust the survivor benefit (e.g., from 100% to 0%). This is because the survivor benefit only applies if you pass away first. If this condition is not met, the survivor benefit does not come into play.
How are pension survivor benefits reported in Boldin?
Pension survivor benefits are included in the total pension income streams and are not displayed as a separate line item in income charts. To view these totals:
Navigate to the income analysis sections, such as "Estimated Income, Drawdowns, and Debt" or "Lifetime Income Projection."
If a pension is configured with a survivor benefit, it will be combined into the overall pension total rather than shown as a distinct entry.
Social Security Survivor Benefits Modeling
Are Social Security survivor benefits automatically included in Boldin?
Yes, Boldin's planner automatically applies the survivor benefit for Social Security. This means that your spouse's survivorship benefit is already factored into the model, ensuring accurate projections without requiring manual adjustments.
Summary
Boldin simplifies the modeling and reporting of survivor benefits by:
Automatically including Social Security survivor benefits in income projections.
Combining pension survivor benefits into total income streams for clarity.
By understanding these principles, you can confidently use Boldin to plan for your financial future.