How do I enter Social Security income that is already being received?

You can enter regular Social Security benefits in the 'Social Security' tab of the plan inputs. If the plan includes Social Security benefits under a special situation, such as survivor benefits or windfall elimination (WEP), you can enter them on the 'Other Income' tab.

If you are entering benefits on the 'Social Security' tab, you have two options:

1. Enter the benefits manually
2. Estimate the possible benefit amounts at each possible claiming date for the client

If a client is already receiving Social Security benefits, it is often easier to enter those benefits manually. To do this, just select 'Manual', then enter the monthly benefit currently being received in the 'Monthly Benefit Amount' field. Also, select the date when benefits began in the 'Benefit Start Date' field. You can enter any date in this field between the client's ages 62 and 70. This date is used to calculate spousal and survivor benefits. If you don't know when benefits began, you can estimate the date. Incorrect dates will affect the plan slightly, but you can always return and refine the plan once you know the actual date.

If you'd prefer to see a full range of possible claiming dates and benefit amounts, you can always switch the approach to 'Estimate' .