If a client receiving a retirement benefit passes away, the surviving spouse is eligible to receive a survivor benefit. The exact amount received depends on factors like the earnings of the deceased spouse, and the age of the surviving spouse. An early withdrawal penalty of 4% to 6% per year is applied if the benefit is taken before the surviving spouse's full retirement age. No delay credits are available on survivor benefits.
Within joint plans (plans that include both a client and co-client), RightCapital will automatically generate a survivor benefit when clients are eligible. When the "already receiving" checkbox is selected in the Social Security income card, RightCapital will use the listed initial filing age to determine the appropriate survivor benefits in the plan. Financial plans will include the greater of a client's retirement benefit or the survivor benefit in order to produce the best outcomes.
Spousal benefits can be viewed in the Retirement > Cash Flows > Summary tab.Click the underlined Income Inflows > Social Security column headers to reveal additional information, including any survivor benefits:
If you’d like to prevent RightCapital from automatically calculating survivor benefits, this can be done in the Profile > Income section. Within that client’s Social Security income card, set the Estimated benefit amount to “No Social Security”. This will turn off all social security benefits for that client, including retirement, spousal, and survivor:
Contact Us
For additional assistance within RightCapital please contact our Support team.
Educational Webinars
RightCapital is committed to enabling your success. Each week, we cover essential planning modules and product updates.
RightCapital in Action
Check out our YouTube channel where we highlight Advisor Success Stories and share more Tips & Tricks!
