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
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
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
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
@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
