Assumptions
The planner computes the Full Retirement Age (FRA) for both you and your spouse (if applicable). You have the option to input your Primary Insurance Amount (PIA), or rely on Boldin's Social Security estimator to estimate your benefit based on your current income. The planner will apply early retirement reductions or delayed retirement credits to your PIA to determine your benefits at your selected claiming age.
The planner will also automatically calculate spousal benefits. For you and your spouse, the tool will use your own benefit or your spousal benefit, whichever is greater.
Additionally, at longevity age of the first spouse, the model will assume the surviving spouse will receive 100% of the deceased’s benefit, if greater.
How to Enter Your Social Security Benefit
You may input your Primary Insurance Amount or rely on Boldin's Social Security estimator to estimate your benefit based on your current income. If you would like to input your Primary Insurance Amount, you need to know your benefit (and your spouse's benefit if applicable) at full retirement age. You can obtain this information by looking up your benefit information on the Social Security Administration website, www.ssa.gov.
Step 1: Head on over to My Plan > Income > Social Security
Step 2: Use the pencil icon ✎ to edit. If you plan on receiving benefits, press "Yes" when asked if you expect to receive Social Security benefits
Step 3: Enter your benefit at full retirement age OR select "automatically estimate my benefit based on current income."
Step 4: Select the age when you wish to claim your Social Security benefit. Your Benefit at Start Age (Pretax) will adjust, increasing if you delay past your Full Retirement Age and decreasing if you claim early.
Step 5: Repeat the process for your spouse's benefit (if applicable)
When selecting estimated benefits:
Your estimate is based upon the income currently active in your plan as of this month.
The planner will recast your Social Security benefit each time you update your income.
If you don't have work income or you're already retired, your benefit will default to $2,000.
The estimated benefit is based upon based the lookup table provided by the Social Security Administration annually.
How to specify that you will not receive Social Security benefits
Use the pencil icon to edit back to the Social Security setup and press "No" when asked whether you expect to receive Social Security. See a video demonstration here.
