by Carolyn Rothwell on March 14, 2016

New "Override Amount" in Silver's Social Security Options

The Social Security calculations in Silver estimate a spousal benefit for married couples. The calculations compare the spousal benefit to the individual benefit. The projections use the higher of the two benefits. 

Certain situations and government provisions, such as the Government Pension Offset and the Windfall Elimination Provision, can reduce Social Security benefits. 

The new "use amount" option overrides calculated spousal benefit.  This ensures the projections use the benefit amount entered. 

New option on Social Security input "use amount"

Here's a quick example:

Estimated Social Security benefits are entered for both Ind. 1 and Ind. 2., who are married. The new "use amount" option is not checked. 

Benefit amounts entered -  "use amount" option not checked

The reports are using a higher Social Security benefit for Ind. 2 is than the benefit entered. The calculations estimated a higher spousal benefit than the entered benefit amount. 

Social Security Benefit -  Using Estimated Spousal Benefit

Select "use amount" on the Social Security input to ensure the reports use the benefit amount entered. 

Benefit amounts entered - new "use amount" option checked

The reports now use the benefit amount entered.

Social Security Benefit -  "use amount" Overrides Estimated Spousal Benefit
The Social Security amount included in the projection grows by the increase rate and the benefit is reduced for taxes. To clearly illustrate this new option a 0% increase and tax rate was used for the example.

Do you have a question on this new option in Silver?   

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Carolyn Rothwell

Carolyn enjoys spending her time building Money Tree Software's brand and products. Her experience creating and delivering financial plans for a full-service financial planning firm and supporting advisors working to provide the best planning to their clients as a Money Tree support member has provided an excellent understanding of the importance of financial planning.