If I claim SS at 62, with children under the age of 18, I will qualify for both Children and Spousal benefits. Although the amounts will be limited by the family maximums, they are substantially more than the discounted benefit at age 62. In my case, I will have two children ages 3 and 9 when I retire at 62, resulting in extra SS payments until the youngest reaches 18 (my age will be 77).
When I put in the SS amounts including the children and spousal benefits, the program assumes it is the amount at FRA and reduces the amounts it calculates for claiming SS at 62. Is there a way to override the SS benefits so I can input SS amounts for 62 through 77? After 77 my normal early retirement reduced benefit starts. If not any recommendations? Maybe split the excess SS benefits into taxable/nontaxable income streams?
Thanks
Jack,
As I think you've figured out, PRC doesn't implement benefits for children as part of its Social Security benefits calculations. So, I suppose there are two basic alternatives: 1) use PRC's SS benefits calculations for you and your spouse, and use one of the Other Income streams on the Income page to model the children's benefits, or 2) tell PRC that you aren't eligible for SS benefits in the SS section the Income page and then use one or more of the Other Income streams on that page to model your complete benefits.
