"Open Social Security" calculator: feature requests, bug reports, etc

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ObliviousInvestor
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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by ObliviousInvestor » Tue Jun 12, 2018 4:23 pm

MrTimewise wrote:
Tue Jun 12, 2018 4:02 pm
Mike,

Just out of curiosity, did you factor into the total benefit computations the initial benefit year's lower monthly payments that can result when claiming between FRA and 70 years. That is, when claiming after FRA but before 70 years, the SSA's uses only the accumulated DRCs as of January of the year of filing. Then, the following January, any DRCs that had accumulated within the year of filing are additionally used to determine total benefits.
No, that's not included in the calculation.

The biggest impact it can have is one year's benefit being underweighted by 6 months x 6 DRCs = 24% of the person's PIA (e.g., a one-time $240 cost for a person with a $1,000 PIA). That's generally going to have an impact less than 0.2% of the overall NPV -- often less than 0.1% if they file in a month other than July.

If this were enough to sway the calculator from suggesting one claiming month to a different claiming month, it would essentially mean nothing other than "these two claiming months are basically as good as each other" -- which you can already see if the NPVs are that close together.
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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by MrTimewise » Tue Jun 12, 2018 4:28 pm

I was just curious.

:happy

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by ObliviousInvestor » Tue Jun 12, 2018 4:30 pm

There are a handful of other simplifications as well.

For example, for purpose of discounting, all benefits are assumed to be received in the middle of the year rather than discounting each individual month by the appropriate number of months using a monthly discount rate.
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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by ObliviousInvestor » Thu Jun 14, 2018 1:40 pm

Update:

The calculator now reflects withholding (and eventual benefit adjustment) for the earnings test (i.e., for people receiving benefits and working while under full retirement age).

It also now allows for the selection of a specific "I will die at" age.

The default mortality table has been updated for the newly-released 2015 SSA period table. (Previously used the 2014 table, as that was the newest available until this month.)

It also now automatically pulls the yield on 20-year TIPS as the default discount rate.
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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by dconrath » Thu Jun 14, 2018 2:45 pm

I don't see the "It also now allows for the selection of a specific "I will die at" age." option in the standard or advanced input form yet?

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by ObliviousInvestor » Thu Jun 14, 2018 2:46 pm

dconrath wrote:
Thu Jun 14, 2018 2:45 pm
I don't see the "It also now allows for the selection of a specific "I will die at" age." option in the standard or advanced input form yet?
It should be the final mortality option if the "advanced" box is checked.
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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by dconrath » Thu Jun 14, 2018 2:53 pm

Yes, I see I missed that. Thanks very much for the updates :-)

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by bayview » Thu Jun 14, 2018 3:52 pm

< insert popcorn-eating emoji here >

sorry, jk truly!

Appreciate all the work you are doing on this.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by JoeRetire » Thu Jun 14, 2018 6:04 pm

ObliviousInvestor wrote:
Thu Jun 14, 2018 1:40 pm
It also now allows for the selection of a specific "I will die at" age.
Nice work!

The results when using a specific age now agree with other tools using a similar method.

Thanks!

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by ObliviousInvestor » Thu Jun 14, 2018 6:50 pm

JoeRetire wrote:
Thu Jun 14, 2018 6:04 pm
ObliviousInvestor wrote:
Thu Jun 14, 2018 1:40 pm
It also now allows for the selection of a specific "I will die at" age.
Nice work!

The results when using a specific age now agree with other tools using a similar method.
That's good to hear. Thank you for reporting back.
Mike Piper, author/blogger

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by ObliviousInvestor » Fri Jun 15, 2018 2:27 pm

Update: The calculator now allows for situations in which one of two spouses has already filed, in order to get a suggestion for the other spouse.

Important caveat: the concept of voluntary suspension is not yet built into the calculator. So in cases in which suspending benefits (for the person who already filed) would be wise, the calculator won't know to suggest that. Such functionality is on my list, but I think that's going to be another major project (i.e., many days of full time work).
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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by bayview » Fri Jun 15, 2018 3:58 pm

ObliviousInvestor wrote:
Fri Jun 15, 2018 2:27 pm
Update: The calculator now allows for situations in which one of two spouses has already filed, in order to get a suggestion for the other spouse...
Thanks, this is great! And the result was instant (Safari.) I think your coding skills are doing just fine.

Question: so you’re still working on the option to choose a different start date without having to enter spousal claiming? Because there’s no way DH would ever file for spousal, having already drawn SS for 4 1/2 years. I kept throwing different dates in there for spousal, and the results got stranger and stranger. All I want to play with is my own claiming date.

Also, when entering PIA for a spouse already filed early, what do we enter for PIA? I entered his current amount, but he filed 24 months early. Do I have to figure out some way of determining what it would have been?
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by ObliviousInvestor » Fri Jun 15, 2018 4:10 pm

bayview wrote:
Fri Jun 15, 2018 3:58 pm
Question: so you’re still working on the option to choose a different start date without having to enter spousal claiming? Because there’s no way DH would ever file for spousal, having already drawn SS for 4 1/2 years. I kept throwing different dates in there for spousal, and the results got stranger and stranger. All I want to play with is my own claiming date.
Yes, I'm working on input options to make this more clear.

In the meantime, to calculate a "no spousal benefit" scenario for a person with a PIA that is at least 50% of their spouse's PIA, enter the later of the two retirement benefit dates as the spousal date. (So in this case, you'd enter your retirement claiming date as the date on which your husband files for spousal benefits.)
bayview wrote:
Fri Jun 15, 2018 3:58 pm
Also, when entering PIA for a spouse already filed early, what do we enter for PIA? I entered his current amount, but he filed 24 months early. Do I have to figure out some way of determining what it would have been?
In every case, the input for PIA is their PIA. If he filed 24 months early, his current retirement benefit is 86.67% of his PIA.
Mike Piper, author/blogger

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Re: "Open Social Security" calculator: feature requests, bug reports, etc

Post by bayview » Fri Jun 15, 2018 4:16 pm

ObliviousInvestor wrote:
Fri Jun 15, 2018 4:10 pm
bayview wrote:
Fri Jun 15, 2018 3:58 pm
Question: so you’re still working on the option to choose a different start date without having to enter spousal claiming? Because there’s no way DH would ever file for spousal, having already drawn SS for 4 1/2 years. I kept throwing different dates in there for spousal, and the results got stranger and stranger. All I want to play with is my own claiming date.
Yes, I'm working on input options to make this more clear.

In the meantime, to calculate a "no spousal benefit" scenario for a person with a PIA that is at least 50% of their spouse's PIA, enter the later of the two retirement benefit dates as the spousal date. (So in this case, you'd enter your retirement claiming date as the date on which your husband files for spousal benefits.)
bayview wrote:
Fri Jun 15, 2018 3:58 pm
Also, when entering PIA for a spouse already filed early, what do we enter for PIA? I entered his current amount, but he filed 24 months early. Do I have to figure out some way of determining what it would have been?
In every case, the input for PIA is their PIA. If he filed 24 months early, his current retirement benefit is 86.67% of his PIA.
Thanks! Both answers were exactly what I needed.
The continuous execution of a sound strategy gives you the benefit of the strategy. That's what it's all about. --Rick Ferri

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