i-ORP and SS Survivor Benefits ?

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JohnFiscal
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i-ORP and SS Survivor Benefits ?

Postby JohnFiscal » Thu May 18, 2017 3:40 pm

I am giving i-ORP (or me) a chance and trying to understand what input is required and what the output is telling me. At the moment I am not understanding how/if SS for a married couple is considered.

Case A: I run with my SS benefit entered as a positive value (30), I enter my spouse's benefit as 0 as she will not have a benefit on her own record. In this case the output under "Other Sources of Income" shows SocSec for Retiree and Spouse. The values are just as I have entered, 30 and 0. At the end of the period I've entered for myself (happens to end at 95), my spouse's SS picks up the same value that mine is at that point. So it sounds like i-ORP is picking up the survivor's benefit but not the spousal benefit.

Case B: So if I assume that I have to manually enter my spouse's 50% spousal benefit (there is that, isn't there?), then I enter 15 for her along with a retirement age. Then I run. The output shows her "15" value and then after my time runs out her benefit is shown as equal to my full benefit.

So, is the correct method to manually enter the spousal benefit? :?:

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Peter Foley
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Re: i-ORP and SS Survivor Benefits ?

Postby Peter Foley » Thu May 18, 2017 7:52 pm

I believe there is a way to contact the designer of i-orp. I think I have seen someone respond to inquiries. (Note this is my recollection, not necessarily fact. However, worth checking.)

You might also try the Retiree Portfolio Model calculator.

2pedals
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Re: i-ORP and SS Survivor Benefits ?

Postby 2pedals » Thu May 18, 2017 8:08 pm

I tried the same thing, using a 0 does as you reported. Deleting it to no entry gives you what you want.

JohnFiscal
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Location: USA

Re: i-ORP and SS Survivor Benefits ?

Postby JohnFiscal » Thu May 18, 2017 9:20 pm

Peter: yes, I've corresponded with the author. Nice guy. Very bright. I just hate to bother him too much without my own study first.

2Pedals: I believe I have done that (as my first course). But I''ll try it again. Thanks!

ETA: yes, that does work. Unfortunately my cached input sheet is on another computer not accessible at the moment so I can't compare. Thanks for the direction.

JohnFiscal
Posts: 385
Joined: Mon Jan 06, 2014 4:28 pm
Location: USA

Re: i-ORP and SS Survivor Benefits ?

Postby JohnFiscal » Fri May 19, 2017 10:01 am

Now I have another seeming anomaly. To keep my mind straight, so, to "get what I want" (which is 'the correct output') I need to enter my spouse's SS benefit as "blank" (no entry). Got it. :thumbsup

Now when entering the SS ages I can enter my own age or leave it blank. In a special particular case (with respect to other assets), I leave my age blank and i-ORP takes benefits at my FRA. Or I can enter a particular age and i-ORP uses the input age. I got this. :thumbsup

But I am confused about my spouse's age. I can enter a particular age for her and it is correctly applied by the i-ORP. But if I leave her age "blank", which is what I have to do for her SS benefit to get the correct results, it seems that her reported benefits from her FRA through the max age are equal to her benefits as taken at her FRA but (here's the anomaly) there are also 50% benefits from age 62 to her FRA (67). This 6 year stretch doesn't seem to be correct. :confused

2pedals
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Re: i-ORP and SS Survivor Benefits ?

Postby 2pedals » Fri May 19, 2017 10:10 pm

JohnFiscal wrote:But I am confused about my spouse's age. I can enter a particular age for her and it is correctly applied by the i-ORP. But if I leave her age "blank", which is what I have to do for her SS benefit to get the correct results, it seems that her reported benefits from her FRA through the max age are equal to her benefits as taken at her FRA but (here's the anomaly) there are also 50% benefits from age 62 to her FRA (67). This 6 year stretch doesn't seem to be correct. :confused


I am not expert on this, but it sounds like your spouse is a lot younger than you, in that case leaving out her age (blank) might be i-orp attempting to maximize your benefits based on your input. If this the case, your planning horizon is shorter than your spouse and your spouse will get 100% survivor benefits sooner. It's a race to see what benefit works best.

I am also confused about my age of my spouse :twisted:

JohnFiscal
Posts: 385
Joined: Mon Jan 06, 2014 4:28 pm
Location: USA

Re: i-ORP and SS Survivor Benefits ?

Postby JohnFiscal » Sat May 20, 2017 4:06 pm

JohnFiscal wrote:
... But if I leave her age "blank", which is what I have to do for her SS benefit to get the correct results, it seems that her reported benefits from her FRA through the max age are equal to her benefits as taken at her FRA but (here's the anomaly) there are also 50% benefits from age 62 to her FRA (67). This 6 year stretch doesn't seem to be correct. :confused


Worked with i-ORP's author, he has corrected this issue (which was minor and could be manually worked around once the issue was understood).

This point is all good now. :thumbsup


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