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Question re: SS and Financial Engines tool
Old 08-21-2012, 10:14 AM   #1
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Question re: SS and Financial Engines tool

I ran Financial Engines for the first time over the weekend.

The result showed that I would get approx. $28k in SS @ 67 (which matches my SS stmt), but that my husband would only get $14k at the same age (67).

Our SS statements show us each getting approx $28k @ 67 based on our income history.

Is this a glitch in the financial engines software or is there something I need to know about SS that I'm not understanding today? Cause if DH is only going to get half of his SS at 67 because we're married, we're getting divorced pronto!
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Old 08-21-2012, 10:23 AM   #2
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Quote:
Originally Posted by Lisa99 View Post
I ran Financial Engines for the first time over the weekend.

The result showed that I would get approx. $28k in SS @ 67 (which matches my SS stmt), but that my husband would only get $14k at the same age (67).

Our SS statements show us each getting approx $28k @ 67 based on our income history.

Is this a glitch in the financial engines software or is there something I need to know about SS that I'm not understanding today? Cause if DH is only going to get half of his SS at 67 because we're married, we're getting divorced pronto!
As I understand it, FE is a program centered around you-only. They don't worry too much about spousal earnings/benefits. Note that they calculated his SS benefit as half yours (the SS spousal benefit) and assumed he doesn't work.

You can do a work-around by adding a pension for the other half of your husbands SS. Have it start when his SS will start and make it cost-of-living adjusted. If your husband is earning a (company-based) pension you can also add that in. You can also add in whatever IRAs/401ks that he has in the program. It can get a little tricky.
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Old 08-21-2012, 10:30 AM   #3
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Why don't you use the "Your Profile" tab to put in the actual forecast numbers, from your/DH's statements rather than let FE use a "guesstimate"?

All spousal data can be added/modified under that tab.

BTW, you can also use auto-updating of all your/spouse's VG/non-VG accounts. I know there was a time that they limited the service to long-time account holders, but that may have changed. You can find more info at:

https://vanguard1.cashedge.com/jsp/a...splay/faqs.jsp
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Old 08-21-2012, 10:38 AM   #4
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Thanks to you both, I'll adjust the data.

The reason that I was concerned is that I had put in DH's profile and his salary, so I assumed that FE would get his SS correct based on my input.

I'm still learning, so wanted to make sure I hadn't missed something big on the SS front.
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Old 08-21-2012, 10:45 AM   #5
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Originally Posted by MasterBlaster View Post
As I understand it, FE is a program centered around you-only.
Nope ...

It considers joint assets/incomes if you wish. You just have to make sure the data is there for the calculations/forecast.
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