Entering Pension Amounts that change

[Ready2Go]

My wife is a state employee and will begin collecting a Pension beginning the month after she retires. If she were to do that in 2021 (age 56), she would receive $40k annually until she turns 65. At age 65, $18k of her pension becomes COLA and the other $22k remains non-COLA. There's only 3 entry points in FireCalc. Is there a way to reflect this scenario that I'm not thinking of? TIA!

 

[statsman]

It's been a while since I used FireCalc. Any chance there is an option to receive a lump sum for a specified number of years? If so, maybe:

#1: $22k non-COLA starting at age 56

#2: $18k COLA starting at age 65

Enter a yearly lump sum of $18k starting at age 56 and ending by age 65.

EDIT: I see only three lump sum years, so that won't quite do it.

 

[jimbee]

How about...

$40,000 pension non-COLA at age 56
$18,000 pension COLA at age 65
$18,000 off chart spending (non inflation adjusted) at age 65

The $40,000 non-COLA pension with the $18,000 off chart spending (non inflation adjusted) will net a $22,000 non-COLA pension starting at age 65.

 

[Ready2Go]

Thank you!

 

[jimbee]

You're welcome, and I like your avatar.