FAQ: Social Security Income

Frequently Asked Questions

Need assistance with data entry? RightCapital is here to help! Please use the common questions and answers below to assist you in generating financial plans. For additional assistance use the link to our support team at the bottom of the article.

1

When using the full retirement benefit, will the system account for delay credits or early filing penalties?

Answer: The system will automatically consider adjustments based on the age the client is starting their Social Security benefit. It will also automatically calculate Spousal & Survivor benefits when applicable.

2

Does the system model death benefits for children in the plan? 

Answer: No, the software will not account for a child's Social Security benefit.  If this is something you would like to model, navigate to the profile > Income area, press Add Income > Other Income, then input the income amount and the years applicable. Lastly, adjust the taxation to Social Security income.

3

How can I enter an exact amount of Social Security income amount that won’t be adjusted for benefits and inflation ?

Answer: To enter Social Security income that won’t be adjusted for benefits & inflation navigate to the profile > Income area, press Add Income > Other Income, then input the income amount and the years applicable. Lastly, adjust the taxation to Social Security income. Additionally you can adjust Social Security Assumptions within the gear icon > settings > other assumptions area. 

4

Where can I see the breakdown of Social Security income for each client?

Answer: The complete breakdown of Social Security income is available for each client in the Retirement > Cash Flows report. To access this information use the Summary tab, click the underlined "Income Inflows" column header, then click the underlined "Social Security" column header to review the client and co-clients Social Security income and any adjustments or benefits.

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For additional assistance within RightCapital please contact Support.