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WIsh-list: Modeling Pre-retirement death of a spouse

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Last Post by Gerald Calleson 3 years ago

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Steve Laufer

(@slaufer)

Trusted Member Customer

Joined: 5 years ago

Posts: 35

Topic starter April 13, 2023 2:06 pm

Stuart and team, here are a couple of initial thoughts that may be quick to implement (capability is exists, just needs structural format changes), more complex ones later.

- Social Security Survivor Benefit Income stream; optionally including an optimization of when best to take it

- Creating a 'loan' repayment schedule for hospital bills; this may also align to a triggered HSA reimbursement (can can be done as an investment loan today)

Thank you, Steve

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Stuart Matthews

(@smatthews51)

Member Admin

Joined: 6 years ago

Posts: 618

April 14, 2023 7:52 am

Steve,

Thanks for your suggestions. One question: I think you probably realize that PRC currently models SS survivor benefits, so are you referring to a case where the person of record dies prior to starting his/her benefits?

Thanks,

Stuart

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Steve Laufer

(@slaufer)

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Joined: 5 years ago

Posts: 35

Topic starter April 14, 2023 9:59 am

Stuart, correct. pre-retirement implying pre-social security.

Thus the need to have a social security 'stream' for the working spouse, which may start any time post death of spouse, or retirement, and stop at social security selection. A bonus would be to include the optimization for 'means testing' against the $2:$1 and $3:$1 earnings 'claw back'.

Thx, Steve

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Stuart Matthews

(@smatthews51)

Member Admin

Joined: 6 years ago

Posts: 618

April 14, 2023 5:06 pm

@slaufer Got it, thanks. We'll give this serious consideration.

Stuart

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Steve Laufer

(@slaufer)

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Joined: 5 years ago

Posts: 35

Topic starter May 4, 2023 7:29 am

@smatthews51 Thank you.

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Gerald Calleson

(@jcalleso)

New Member Customer

Joined: 4 years ago

Posts: 2

November 1, 2023 9:12 am

I'm trying to figure out how to model this now. My wife died several years ago and I began taking survivor benefits when I was eligible at age 60. I'm still several years away from taking my own benefits at 70. It looks like my only option is to input the survivor benefits as either a pension or a misc income stream. That will over calculate taxes, but as the benefit is modest that won't be a large error. Is there any other option that I'm overlooking?

Jerry

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Stuart Matthews

(@smatthews51)

Member Admin

Joined: 6 years ago

Posts: 618

November 5, 2023 8:14 am

@jcalleso Another thing to try is to include your wife in the model but set her life expectancy the same as her starting age. That will trigger survivor benefits from her SS.

Stuart

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Gerald Calleson

(@jcalleso)

New Member Customer

Joined: 4 years ago

Posts: 2

November 5, 2023 8:37 am

@smatthews51 Thanks, Stuart. I'll give that a try.

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