I specified 7 annual roth conversions until I reach age 70 and I also specified that social security benefits would begin at age 66. The report correctly shows the first 3 conversions only. When I increase the social security claiming age to 70 then I get all the conversions. Is there a rule that roth conversions must end when social security begins?
We have been using ESPlanner for years trusting that it was accounting for the WEP calculation in our benefits. Our state pensions from non-covered employment are entered as "not covered" and our past covered earnings are accurate. Now as my wife is planning on taking SS in November we compared ESP's calculation of her annual benefit of $12481 against SS' calculation using the WEP Online Calculator. The online calculator comes out as $9960 annual benefit. ESP (if SS is to be believed) is not factoring in the WEP reduction. Any ideas?
Now that I'm looking closer, I notice that the Social Security dollar amount declines over time. It appears to be doing it at compounded rate of -3.03%. Inflation is set at 3.1% in my ESP. I'm assuming this is because ESP expresses future amounts in real dollars. Is the assumed inflation offset due to "annual" Social Security increases only valued at 0.08%? Is this a recent change or is something amiss?
My accountant informed me that the file and suspend game has been ended by congress, effective April 2016. It seems I bought a calculator from Esplanner to help me figure out the best way to maximize SS payouts. I wonder if there is an updated version. I'm 70 and have been receiving ss since I turned 66. My wife is 65 and she is working still. We were planning to have her receive spousal benefits at 66 then go on her benefit at 70. What do the new rules dictate we do to maximize our benefits?
It appears that ESP's Social Security capabilities do not model the case of someone who becomes a disability annuitant prior to retirement age. Is this true, and if so can you suggest a good way to simulate this through some combination of special receipts and the regular Social Security retirement settings?
My domestic partner of 17 years and I both filed for divorced ex-spousal Social Security benefits this year. Hers is $1,113/month. Mine will be around $800/month. We are both 66 years old and plan to switch to our own 32% higher Social Security retirement benefits when each of us turns 70 in 2020. I am retired and receiving a small pension and doing Roth conversions, while she is still working full time and intends to work through at least 2017, possibly longer. I have another small pension that I have not signed up for yet that grows by 10%/year delayed retirement credits.
Is there a way to manually add entries to the past covered social security earnings? I'm missing a year and need to add it.
On the details report, my husband's social security income jumps from the correct amount in 2016 up by $13K in 2017. Why? (He has been retired for 4 years, has been collecting SS since he was 65; he is now 78.)
I'm trying to figure out how to model the follow recommendation from your sister site "Maximize My Social Security ". The recommendation involves the younger spouse filing/collecting at 62 for 4 years to allow the older spouse to collect spousal until she is 70. The year the older spouse turns 70, the older spouse refiles for her own benefits. That same year the younger spouse suspends his payments for 4 year until he is 70. I can't figure out how to enter this in ESP.
My wife's ex-spouse died and she's now going to receive a 50% increase in her SS benefits because 100% of his benefit when he died is greater than the benefit she is receiving based on her earnings. The question I have is how to enter her new benefit so that ESP can calculate her future SS benefits. She does not have her ex-spouses earnings record and no way to obtain them. Should I enter the new benefit amount in the Social Security tab and delete all her past covered earnings?