Former Spouse Social Security
Financial plans with only one client will have the option to add the Spouse Social Security income card. This card can be used to model benefits based on a divorced or deceased spouse’s record. To add the Spouse Social Security income card, navigate to the Profile > Income section, and then click Add Income > Other > Spouse Social Security:
Deceased Spouse Benefit
If a client is a widow or widower, they may be eligible to receive a survivor benefit based on the earnings record of their deceased spouse. The amount the client will receive is based on the benefit amount the ex-spouse was receiving, or the ex-spouse’s Primary Insurance Amount (PIA) value if they had not started to receive benefits. If that amount exceeds the client’s own retirement benefit, the client will receive the difference as a survivor benefit. Select ‘Deceased Spouse’ within the Relationship field to reflect a benefit from a deceased spouse:
To calculate the survivor benefit, enter the ex-spouse’s PIA (if not Already Receiving) or their benefit amount & filing age (if Already Receiving). In addition, we need to know the ex-spouse’s birthday and age at death.
Benefit amounts may be reduced if clients start receiving the survivor benefit prior to their full retirement age.
We assume clients begin receiving survivor benefits as soon as they are available. Benefits are only available once the client reaches age 60 and the ex-spouse would have been eligible to file (age 62).
Note on Survivor Benefits in Joint Plans
In financial plans that include a co-client, spousal and survivor benefits will be automatically calculated from the default Social Security income cards. The Spouse Social Security income card is only used when a single client needs to document spousal/survivor benefits from a previous relationship. The Spouse Social Security card will be automatically removed if a co-client is added to the plan.
