Your Customized Social Security Analysis Joe and Mary Sample 9/1/ Baird Advisor Robert W. Baird & Co (800) 800-1234 This report shows the Social Security income stream you can expect to receive under differing claiming scenarios based on your primary insurance amount as estimated by the Social Security Administration and certain assumptions for life expectancy and future cost-of-living adjustments. The numbers you see here are not exact. No one can ever know the exact amount of their Social Security until it is actually received. But by making certain assumptions and trying out different claiming scenarios, you can see how your lifetime Social Security income may change depending on when you and your spouse claim s. The purpose of this report is to give you a long-term perspective on Social Security, which is one of the few sources of retirement income that continues for life. Married couples have several decisions to make. When will the husband claim his retirement based on his earnings record? When will the wife claim her retirement based on her earnings record? When will the wife claim her spousal based on her husband's earnings record? Or will the husband claim his spousal based on his wife's earnings record? Will either spouse need to file and suspend in order for the other spouse to become entitled to a spousal? The interplay of earned s and spousal s makes for some interesting opportunities for married couples as long as you understand the rules and know which spouse can do what and when. Another important consideration is survivor s. If one spouse dies while both spouses are receiving Social Security, the deceased spouse's stops and the surviving spouse may receive the higher of the two amounts. The income streams shown here incorporate life expectancies for husband and wife. If the husband is expected to die first, for example, the analysis shows his going to zero while the wife either continues with her own or switches to the husband's, depending on which is higher. Part of Savvy Social Security planning is survivor planning for when one spouse becomes widowed. Will the survivor be enough to live on? What other resources will be available? As you will see, the lifetime value of Social Security can vary greatly depending on when you decide to claim s. When your only interest is maximizing Social Security s, there is usually one optimal scenario that can provide the most s based on the assumptions you enter. However, it is also important to consider your own personal circumstances your need for income, your health status and life expectancy, and your other resources such as retirement and investment accounts when deciding when to claim Social Security. This report should therefore be viewed within the context of your overall retirement income plan. How to claim your Social Security s Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 1
The scenarios shown in this report indicate the ages at which each spouse might claim his or her retirement, and the age at which one spouse may claim a spousal. Both spouses may not receive a spousal at the same time. This is because in order for the wife, say, to receive a spousal based on the husband's work record, the husband must file for his own retirement. Once he files for his own retirement, he may not receive a spousal if his own is higher. So an important part of Savvy Social Security scenario planning is determining which spouse should claim the spousal. Another important part is knowing the rules about when you can and can't claim a spousal. File and suspend. In order for a spouse to claim a spousal, the spouse on whose work record the spousal is based usually the higher-earning spouse -- must have filed for s. But the higher-earning spouse often wants to delay his or her to age 70 in order to earn maximum delayed credits. In that case, the higher-earning spouse can file for Social Security at full retirement age or later and then immediately suspend his. Filing will entitle his spouse to her spousal. Suspending will allow his own to earn 8% annual delayed credits. SSA representatives are familiar with this strategy. When filing by phone or in person at your local office, all you have to do is tell them that you want to file and suspend so your spouse will be entitled to a spousal and so your own can earn delayed credits. Please note that file-and-suspend cannot be done before full retirement age. Here is an SSA publication that tells about suspending s: http://www.ssa.gov/retire2/suspend.htm Claim-now-claim-more-later. Another strategy may call for one spouse to claim his or her spousal off the other spouse's work record when his or her own retirement is higher. For example, let's say the husband wants to delay his to age 70. When he turns full retirement age, he may restrict his application to his spousal and receive one-half of his wife's primary insurance amount for four years while his own retirement increases by 8% per year to age 70. As always, the other spouse, on whose record the spousal is based, must have filed for s. Please note that it is not possible to file a restricted application before full retirement age. Here is some information on s for you as a spouse: http://www.ssa.gov/retire2/applying6.htm#a0=0 How to file. The easiest way to file for Social Security s is online. Just go to www.socialsecurity.gov and click on "Apply online for Retirement s." However, if you are implementing file-and-suspend or claim-now-claim-more-later, which involve voluntary suspension or restriction of application, you will need to talk with a representative to make sure your intentions are carried out. The safest way to do this is to make an appointment at your local office. Explain to the representative what you are trying to accomplish. If you are delaying your to age 70 in order to earn maximum delayed credits, make sure the representative understands this. If there is any doubt, ask to speak to a supervisor. It is not unheard of for claimants to receive wrong information from Social Security representatives who have not been adequately trained in the nuances of Social Security claiming strategies. A couple of weeks after you have completed your application you will receive an award letter. Make sure the letter matches your intentions. For example, if you are expecting to receive a spousal equal to 50% of your spouse's PIA and the letter indicates a higher amount, the suspension or application restriction may not have been processed properly. In order not to jeopardize your delayed credits, you should notify SSA immediately and have the application corrected. Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 2
What this report does not include You should know that this report has a number of limitations. Scenarios are not exhaustive. There are hundreds of possible claiming scenarios. This report shows you a handful of scenarios which seem appropriate based on your personal circumstances. We can run additional scenarios if you wish. Results are based on assumptions. The key assumptions used are: 1) the primary insurance amounts for husband and wife as estimated by the Social Security Administration; 2) life expectancies for husband and wife; and 3) future cost-of-living adjustments. If any of these numbers turn out to be different from the assumptions, your actual Social Security income stream will be different. If you wish to use different assumptions from the ones used in this report, please let us know and we can re-run the analysis for you. Social Security may be reformed. It is possible that the Social Security system could be reformed by Congress in the future. Possible reforms may include raising the full retirement age, changing the formula, changing the formula for cost-of-living adjustments, and others. There is no way to know when or how Social Security might be reformed in the future. WEP or GPO may not be incorporated. If you ever worked in a job that did not pay into Social Security and you are entitled to a pension from that job, your Social Security may be reduced. The applicable reduction in retirement, spousal, or survivor s may not be reflected in this report. The earnings test is not incorporated. If you file for s before full retirement age and you work, some or all of your s may be withheld due to the earnings test. These reductions are not incorporated into these estimates. Children's s are not included in these estimates. If you have a child under 18, the child may be entitled to children's s. These amounts are not incorporated into this report. Taxes are not incorporated into the estimates. If your modified adjusted gross income is over a certain threshold, up to 85% of your Social Security s may be reportable as income on your federal income tax return. The estimates in this report do not account for taxes. Please see your tax advisor for more information. This report is for informational purposes only. The purpose of the report is to educate and give general guidance to help craft a personalized approach to taking Social Security. Although the calculator shows an optimal claiming scenario of the ones considered, the use of different assumptions, particularly life expectancy, could change the outcome. It is therefore important for you to consider a wide variety of factors and decide for yourself when is the optimal time to claim Social Security. This report was generated by software developed by Horsesmouth, LLC. Neither we, nor Horsesmouth assumes any liability nor responsibility to any person or entity with respect to any loss or damage caused by information contained in this report. Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 3
ADVISOR: FIRM: TELEPHONE NUMBER: SOCIAL SECURITY ANALYSIS FOR: DATE OF THIS REPORT: Baird Advisor Robert W. Baird & Co (800) 800-1234 Joe and Mary Sample September 1, When Mary is age: Combined annual income s Scenario 1 Mary files for her at age 62 in 2015 70 2023 $37,9 $306,688 Joe files for his at age 62 in 2015 75 2028 $43,580 $513,038 80 2033 $50,033 $749,941 85 2038 $57,441 $1,021,920 90 2043 $41,216 $1,217,075 Scenario 2 Mary files for her at age 66 in 2019 70 2023 $50,613 $239,650 Joe files for his at age 66 in 2019 75 2028 $58,107 $514,783 80 2033 $66,710 $830,653 85 2038 $76,588 $1,193,292 90 2043 $54,955 $1,453,499 Scenario 3 Mary files for her at age 70 in 2023 70 2023 $66,809 $125,883 Mary files for her spousal at age 66 in 2019 75 2028 $76,701 $489,059 Joe files for his at age 70 in 2023 80 2033 $88,058 $906,007 Joe files and suspends at age 66 in 2019 85 2038 $101,096 $1,384,690 90 2043 $72,540 $1,728,164 Scenario 4 Mary files for her at age 70 in 2023 70 2023 $56,687 $174,835 Joe files for his spousal at age 66 in 2019 75 2028 $65,080 $482,984 Joe files for his at age 66 in 2019 80 2033 $74,716 $836,758 Mary files and suspends at age 66 in 2019 85 2038 $85,778 $1,242,913 90 2043 $54,955 $1,503,121 Scenario 5 Mary files for her at age 62 in 2015 70 2023 $55,991 $192,208 Joe files for his spousal at age 66 in 2019 75 2028 $64,281 $496,574 Joe files for his at age 70 in 2023 80 2033 $73,798 $846,005 85 2038 $84,725 $1,247,174 90 2043 $72,540 $1,590,648 Scenario 6 Mary files for her at age 66 in 2019 70 2023 $,736 $131,624 Joe files for his at age 70 in 2023 75 2028 $69,728 $461,784 80 2033 $80,052 $840,828 85 2038 $91,905 $1,275,995 90 2043 $72,540 $1,619,468 ANALYSIS: Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 4
Enter Identifying Information Enter Client Data ADVISOR: Baird Advisor SCENARIO 1 DATA age (nearest birthday) PIA (in present dollars) $1,200 at which Joe will claim s on his work record 62 2015 $1,585 at which Mary will claim s on her work record 62 2015 $951 at which Mary will claim s on Joe's work record at which Joe will claim s on work record at which Joe will file and suspend. This will be necessary if Mary wants to claim her spousal before Joe claims his. Can't be before full retirement age. SCENARIO 1 DESCRIPTION at which Mary will file and suspend. This will be necessary if Joe wants to claim his spousal before Mary claims her. Can't be before full retirement age. life expectancy 95 age Joe's age Joe's Joe's monthly annual $0 $0 $0 $0 $0 $0 $0 2015 62 62 $951 $11,413 $1,585 $19,022 $2,536 $30,435 $30,435 2016 63 63 $978 $11,733 $1,630 $19,555 $2,7 $31,288 $61,723 2017 64 64 $1,005 $12,061 $1,675 $20,102 $2,680 $32,164 $93,887 2018 65 65 $1,033 $12,399 $1,722 $20,665 $2,755 $33,064 $126,951 2019 66 66 $1,062 $12,746 $1,770 $21,244 $2,833 $33,990 $1,941 2020 67 67 $1,092 $13,103 $1,820 $21,839 $2,912 $34,942 $195,882 2021 68 68 $1,123 $13,470 $1,871 $22,450 $2,993 $35,920 $231,803 2022 69 69 $1,154 $13,847 $1,923 $23,079 $3,077 $36,926 $268,728 2023 70 70 $1,186 $14,235 $1,977 $23,725 $3,163 $37,9 $306,688 2024 71 71 $1,219 $14,633 $2,032 $24,389 $3,252 $39,023 $345,711 2025 72 72 $1,254 $15,043 $2,089 $25,072 $3,343 $40,115 $385,826 2026 73 73 $1,289 $15,464 $2,148 $25,774 $3,437 $41,239 $427,065 2027 74 74 $1,325 $15,897 $2,208 $26,496 $3,533 $42,393 $469,458 2028 75 75 $1,362 $16,343 $2,270 $27,238 $3,632 $43,580 $513,038 2029 76 76 $1,400 $16,800 $2,333 $28,000 $3,733 $44,800 $557,838 2030 77 77 $1,439 $17,271 $2,399 $28,784 $3,838 $46,055 $3,893 2031 78 78 $1,480 $17,754 $2,466 $29,590 $3,945 $47,344 $651,238 2032 79 79 $1,521 $18,251 $2,535 $30,419 $4,056 $48,670 $699,908 2033 80 80 $1,564 $18,762 $2,6 $31,270 $4,169 $50,033 $749,941 2034 81 81 $1,7 $19,288 $2,679 $32,146 $4,286 $51,434 $801,374 2035 82 82 $1,652 $19,828 $2,754 $33,046 $4,406 $52,874 $854,248 2036 83 83 $1,699 $20,383 $2,831 $33,971 $4,530 $54,354 $908,2 2037 84 84 $1,746 $20,954 $2,910 $34,923 $4,656 $55,876 $964,479 2038 85 85 $1,795 $21,540 $2,992 $35,900 $4,787 $57,441 $1,021,920 2039 86 86 $3,075 $36,906 $0 $0 $3,075 $36,906 $1,058,825 2040 87 87 $3,162 $37,939 $0 $0 $3,162 $37,939 $1,096,764 2041 88 88 $3,250 $39,001 $0 $0 $3,250 $39,001 $1,135,766 2042 89 89 $3,341 $40,093 $0 $0 $3,341 $40,093 $1,175,859 2043 90 90 $3,435 $41,216 $0 $0 $3,435 $41,216 $1,217,075 2044 91 91 $3,531 $42,370 $0 $0 $3,531 $42,370 $1,259,445 2045 92 92 $3,630 $43,556 $0 $0 $3,630 $43,556 $1,303,002 2046 93 93 $3,731 $44,776 $0 $0 $3,731 $44,776 $1,347,778 2047 94 94 $3,836 $46,030 $0 $0 $3,836 $46,030 $1,393,807 2048 95 95 $3,943 $47,319 $0 $0 $3,943 $47,319 $1,441,126 Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 5
ADVISOR: Baird Advisor SCENARIO 2 DATA age (nearest birthday) PIA (in present dollars) $1,200 at which Joe will claim s on his work record 66 2019 $2,3 at which Mary will claim s on her work record 66 2019 $1,416 at which Mary will claim s on Joe's work record at which Joe will claim s on work record at which Joe will file and suspend. This will be necessary if Mary wants to claim her spousal before Joe claims his. Can't be before full retirement age. SCENARIO 2 DESCRIPTION at which Mary will file and suspend. This will be necessary if Joe wants to claim his spousal before Mary claims her. Can't be before full retirement age. life expectancy 95 age Joe's age Joe's Joe's monthly annual $0 $0 $0 $0 $0 $0 $0 2015 62 62 $0 $0 $0 $0 $0 $0 $0 2016 63 63 $0 $0 $0 $0 $0 $0 $0 2017 64 64 $0 $0 $0 $0 $0 $0 $0 2018 65 65 $0 $0 $0 $0 $0 $0 $0 2019 66 66 $1,416 $16,995 $2,3 $28,325 $3,777 $45,320 $45,320 2020 67 67 $1,456 $17,471 $2,427 $29,118 $3,882 $46,589 $91,909 2021 68 68 $1,497 $17,9 $2,494 $29,933 $3,991 $47,893 $139,802 2022 69 69 $1,539 $18,463 $2,564 $30,772 $4,103 $49,234 $189,037 2023 70 70 $1,582 $18,980 $2,636 $31,633 $4,218 $50,613 $239,650 2024 71 71 $1,626 $19,511 $2,710 $32,519 $4,336 $52,030 $291,680 2025 72 72 $1,671 $20,058 $2,786 $33,429 $4,457 $53,487 $345,167 2026 73 73 $1,718 $20,619 $2,864 $34,365 $4,582 $54,985 $400,152 2027 74 74 $1,766 $21,197 $2,944 $35,328 $4,710 $56,524 $456,676 2028 75 75 $1,816 $21,790 $3,026 $36,317 $4,842 $58,107 $514,783 2029 76 76 $1,867 $22,400 $3,111 $37,334 $4,978 $59,734 $574,517 2030 77 77 $1,919 $23,027 $3,198 $38,379 $5,117 $61,406 $635,923 2031 78 78 $1,973 $23,672 $3,288 $39,454 $5,2 $63,126 $699,049 2032 79 79 $2,028 $24,335 $3,380 $40,558 $5,408 $64,893 $763,943 2033 80 80 $2,085 $25,016 $3,474 $41,694 $5,559 $66,710 $830,653 2034 81 81 $2,143 $25,717 $3,572 $42,861 $5,715 $68,578 $899,231 2035 82 82 $2,203 $26,437 $3,672 $44,062 $5,875 $70,498 $969,730 2036 83 83 $2,265 $27,177 $3,775 $45,295 $6,039 $72,472 $1,042,202 2037 84 84 $2,328 $27,938 $3,880 $46,564 $6,208 $74,502 $1,116,704 2038 85 85 $2,393 $28,720 $3,989 $47,867 $6,382 $76,588 $1,193,292 2039 86 86 $4,101 $49,208 $0 $0 $4,101 $49,208 $1,242,499 2040 87 87 $4,215 $50,585 $0 $0 $4,215 $50,585 $1,293,085 2041 88 88 $4,333 $52,002 $0 $0 $4,333 $52,002 $1,345,086 2042 89 89 $4,455 $53,458 $0 $0 $4,455 $53,458 $1,398,544 2043 90 90 $4,580 $54,955 $0 $0 $4,580 $54,955 $1,453,499 2044 91 91 $4,708 $56,493 $0 $0 $4,708 $56,493 $1,509,992 2045 92 92 $4,840 $58,075 $0 $0 $4,840 $58,075 $1,568,068 2046 93 93 $4,975 $59,701 $0 $0 $4,975 $59,701 $1,627,769 2047 94 94 $5,114 $61,373 $0 $0 $5,114 $61,373 $1,689,142 2048 95 95 $5,258 $63,091 $0 $0 $5,258 $63,091 $1,752,233 Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 6
ADVISOR: Baird Advisor SCENARIO 3 DATA age (nearest birthday) PIA (in present dollars) $1,200 at which Joe will claim s on his work record 70 2023 $3,480 at which Mary will claim s on her work record 70 2023 $2,088 at which Mary will claim s on Joe's work record 66 2019 $1,180 at which Joe will claim s on work record at which Joe will file and suspend. This will be necessary if Mary wants to claim her spousal before Joe claims 66 his. Can't be before full retirement age. 2019 SCENARIO 3 DESCRIPTION at which Mary will file and suspend. This will be necessary if Joe wants to claim his spousal before Mary claims her. Can't be before full retirement age. life expectancy 95 age Joe's age Joe's Joe's monthly annual $0 $0 $0 $0 $0 $0 $0 2015 62 62 $0 $0 $0 $0 $0 $0 $0 2016 63 63 $0 $0 $0 $0 $0 $0 $0 2017 64 64 $0 $0 $0 $0 $0 $0 $0 2018 65 65 $0 $0 $0 $0 $0 $0 $0 2019 66 66 $1,180 $14,163 $0 $0 $1,180 $14,163 $14,163 2020 67 67 $1,213 $14,559 $0 $0 $1,213 $14,559 $28,722 2021 68 68 $1,247 $14,967 $0 $0 $1,247 $14,967 $43,688 2022 69 69 $1,282 $15,386 $0 $0 $1,282 $15,386 $59,074 2023 70 70 $2,088 $25,053 $3,480 $41,756 $5,567 $66,809 $125,883 2024 71 71 $2,146 $25,755 $3,577 $42,925 $5,723 $68,680 $194,563 2025 72 72 $2,206 $26,476 $3,677 $44,127 $5,884 $70,3 $265,166 2026 73 73 $2,268 $27,217 $3,780 $45,362 $6,048 $72,580 $337,746 2027 74 74 $2,332 $27,980 $3,886 $46,633 $6,218 $74,612 $412,358 2028 75 75 $2,397 $28,763 $3,995 $47,938 $6,392 $76,701 $489,059 2029 76 76 $2,464 $29,568 $4,107 $49,280 $6,571 $78,849 $567,908 2030 77 77 $2,533 $30,396 $4,222 $50,6 $6,755 $81,057 $648,964 2031 78 78 $2,4 $31,247 $4,340 $52,079 $6,944 $83,326 $732,290 2032 79 79 $2,677 $32,122 $4,461 $53,537 $7,138 $85,659 $817,950 2033 80 80 $2,752 $33,022 $4,586 $55,036 $7,338 $88,058 $906,007 2034 81 81 $2,829 $33,946 $4,715 $56,577 $7,544 $90,523 $996,531 2035 82 82 $2,908 $34,897 $4,847 $58,161 $7,755 $93,058 $1,089,589 2036 83 83 $2,989 $35,874 $4,982 $59,790 $7,972 $95,664 $1,185,252 2037 84 84 $3,073 $36,878 $5,122 $61,464 $8,195 $98,342 $1,283,595 2038 85 85 $3,159 $37,911 $5,265 $63,185 $8,425 $101,096 $1,384,690 2039 86 86 $5,413 $64,954 $0 $0 $5,413 $64,954 $1,449,644 2040 87 87 $5,564 $66,773 $0 $0 $5,564 $66,773 $1,516,417 2041 88 88 $5,720 $68,642 $0 $0 $5,720 $68,642 $1,585,059 2042 89 89 $5,880 $70,564 $0 $0 $5,880 $70,564 $1,655,624 2043 90 90 $6,045 $72,540 $0 $0 $6,045 $72,540 $1,728,164 2044 91 91 $6,214 $74,571 $0 $0 $6,214 $74,571 $1,802,735 2045 92 92 $6,388 $76,659 $0 $0 $6,388 $76,659 $1,879,395 2046 93 93 $6,567 $78,806 $0 $0 $6,567 $78,806 $1,958,200 2047 94 94 $6,751 $81,012 $0 $0 $6,751 $81,012 $2,039,213 2048 95 95 $6,940 $83,281 $0 $0 $6,940 $83,281 $2,122,493 Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 7
ADVISOR: Baird Advisor SCENARIO 4 DATA age (nearest birthday) PIA (in present dollars) $1,200 at which Joe will claim s on his work record 66 2019 $2,3 at which Mary will claim s on her work record 70 2023 $2,088 at which Mary will claim s on Joe's work record at which Joe will claim s on work record 66 2019 at which Joe will file and suspend. This will be necessary if Mary wants to claim her spousal before Joe claims his. Can't be before full retirement age. SCENARIO 4 DESCRIPTION at which Mary will file and suspend. This will be necessary if Joe wants to claim his spousal before Mary claims her. Can't be before full retirement age. 66 2019 life expectancy 95 age Joe's age Joe's Joe's monthly annual $0 $0 $0 $0 $0 $0 $0 2015 62 62 $0 $0 $0 $0 $0 $0 $0 2016 63 63 $0 $0 $0 $0 $0 $0 $0 2017 64 64 $0 $0 $0 $0 $0 $0 $0 2018 65 65 $0 $0 $0 $0 $0 $0 $0 2019 66 66 $0 $0 $2,3 $28,325 $2,3 $28,325 $28,325 2020 67 67 $0 $0 $2,427 $29,118 $2,427 $29,118 $57,443 2021 68 68 $0 $0 $2,494 $29,933 $2,494 $29,933 $87,377 2022 69 69 $0 $0 $2,564 $30,772 $2,564 $30,772 $118,148 2023 70 70 $2,088 $25,053 $2,636 $31,633 $4,724 $56,687 $174,835 2024 71 71 $2,146 $25,755 $2,710 $32,519 $4,856 $58,274 $233,108 2025 72 72 $2,206 $26,476 $2,786 $33,429 $4,992 $59,905 $293,014 2026 73 73 $2,268 $27,217 $2,864 $34,365 $5,132 $61,583 $354,597 2027 74 74 $2,332 $27,980 $2,944 $35,328 $5,276 $63,307 $417,904 2028 75 75 $2,397 $28,763 $3,026 $36,317 $5,423 $65,080 $482,984 2029 76 76 $2,464 $29,568 $3,111 $37,334 $5,575 $66,902 $549,886 2030 77 77 $2,533 $30,396 $3,198 $38,379 $5,731 $68,775 $618,661 2031 78 78 $2,4 $31,247 $3,288 $39,454 $5,892 $70,701 $689,362 2032 79 79 $2,677 $32,122 $3,380 $40,558 $6,057 $72,681 $762,043 2033 80 80 $2,752 $33,022 $3,474 $41,694 $6,226 $74,716 $836,758 2034 81 81 $2,829 $33,946 $3,572 $42,861 $6,401 $76,808 $913,566 2035 82 82 $2,908 $34,897 $3,672 $44,062 $6,580 $78,958 $992,524 2036 83 83 $2,989 $35,874 $3,775 $45,295 $6,764 $81,169 $1,073,693 2037 84 84 $3,073 $36,878 $3,880 $46,564 $6,953 $83,442 $1,157,135 2038 85 85 $3,159 $37,911 $3,989 $47,867 $7,148 $85,778 $1,242,913 2039 86 86 $4,101 $49,208 $0 $0 $4,101 $49,208 $1,292,121 2040 87 87 $4,215 $50,585 $0 $0 $4,215 $50,585 $1,342,706 2041 88 88 $4,333 $52,002 $0 $0 $4,333 $52,002 $1,394,708 2042 89 89 $4,455 $53,458 $0 $0 $4,455 $53,458 $1,448,166 2043 90 90 $4,580 $54,955 $0 $0 $4,580 $54,955 $1,503,121 2044 91 91 $4,708 $56,493 $0 $0 $4,708 $56,493 $1,559,614 2045 92 92 $4,840 $58,075 $0 $0 $4,840 $58,075 $1,617,689 2046 93 93 $4,975 $59,701 $0 $0 $4,975 $59,701 $1,677,391 2047 94 94 $5,114 $61,373 $0 $0 $5,114 $61,373 $1,738,764 2048 95 95 $5,258 $63,091 $0 $0 $5,258 $63,091 $1,801,855 Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 8
ADVISOR: Baird Advisor SCENARIO 5 DATA age (nearest birthday) PIA (in present dollars) $1,200 at which Joe will claim s on his work record 70 2023 $3,480 at which Mary will claim s on her work record 62 2015 $951 at which Mary will claim s on Joe's work record at which Joe will claim s on work record 66 2019 $708 at which Joe will file and suspend. This will be necessary if Mary wants to claim her spousal before Joe claims his. Can't be before full retirement age. SCENARIO 5 DESCRIPTION at which Mary will file and suspend. This will be necessary if Joe wants to claim his spousal before Mary claims her. Can't be before full retirement age. life expectancy 95 age Joe's age Joe's Joe's monthly annual $0 $0 $0 $0 $0 $0 $0 2015 62 62 $951 $11,413 $0 $0 $951 $11,413 $11,413 2016 63 63 $978 $11,733 $0 $0 $978 $11,733 $23,146 2017 64 64 $1,005 $12,061 $0 $0 $1,005 $12,061 $35,207 2018 65 65 $1,033 $12,399 $0 $0 $1,033 $12,399 $47,7 2019 66 66 $1,062 $12,746 $708 $8,498 $1,770 $21,244 $68,850 2020 67 67 $1,092 $13,103 $728 $8,735 $1,820 $21,839 $90,689 2021 68 68 $1,123 $13,470 $748 $8,980 $1,871 $22,450 $113,139 2022 69 69 $1,154 $13,847 $769 $9,231 $1,923 $23,079 $136,218 2023 70 70 $1,186 $14,235 $3,480 $41,756 $4,666 $55,991 $192,208 2024 71 71 $1,219 $14,633 $3,577 $42,925 $4,797 $57,558 $249,767 2025 72 72 $1,254 $15,043 $3,677 $44,127 $4,931 $59,170 $308,937 2026 73 73 $1,289 $15,464 $3,780 $45,362 $5,069 $,827 $369,764 2027 74 74 $1,325 $15,897 $3,886 $46,633 $5,211 $62,530 $432,293 2028 75 75 $1,362 $16,343 $3,995 $47,938 $5,357 $64,281 $496,574 2029 76 76 $1,400 $16,800 $4,107 $49,280 $5,507 $66,081 $562,655 2030 77 77 $1,439 $17,271 $4,222 $50,6 $5,661 $67,931 $630,586 2031 78 78 $1,480 $17,754 $4,340 $52,079 $5,819 $69,833 $700,419 2032 79 79 $1,521 $18,251 $4,461 $53,537 $5,982 $71,788 $772,207 2033 80 80 $1,564 $18,762 $4,586 $55,036 $6,150 $73,798 $846,005 2034 81 81 $1,7 $19,288 $4,715 $56,577 $6,322 $75,865 $921,870 2035 82 82 $1,652 $19,828 $4,847 $58,161 $6,499 $77,989 $999,859 2036 83 83 $1,699 $20,383 $4,982 $59,790 $6,681 $80,173 $1,080,032 2037 84 84 $1,746 $20,954 $5,122 $61,464 $6,868 $82,417 $1,162,449 2038 85 85 $1,795 $21,540 $5,265 $63,185 $7,0 $84,725 $1,247,174 2039 86 86 $5,413 $64,954 $0 $0 $5,413 $64,954 $1,312,128 2040 87 87 $5,564 $66,773 $0 $0 $5,564 $66,773 $1,378,901 2041 88 88 $5,720 $68,642 $0 $0 $5,720 $68,642 $1,447,544 2042 89 89 $5,880 $70,564 $0 $0 $5,880 $70,564 $1,518,108 2043 90 90 $6,045 $72,540 $0 $0 $6,045 $72,540 $1,590,648 2044 91 91 $6,214 $74,571 $0 $0 $6,214 $74,571 $1,665,219 2045 92 92 $6,388 $76,659 $0 $0 $6,388 $76,659 $1,741,879 2046 93 93 $6,567 $78,806 $0 $0 $6,567 $78,806 $1,820,685 2047 94 94 $6,751 $81,012 $0 $0 $6,751 $81,012 $1,901,697 2048 95 95 $6,940 $83,281 $0 $0 $6,940 $83,281 $1,984,977 Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 9
ADVISOR: Baird Advisor SCENARIO 6 DATA age (nearest birthday) PIA (in present dollars) $1,200 at which Joe will claim s on his work record 70 2023 $3,480 at which Mary will claim s on her work record 66 2019 $1,416 at which Mary will claim s on Joe's work record at which Joe will claim s on work record at which Joe will file and suspend. This will be necessary if Mary wants to claim her spousal before Joe claims his. Can't be before full retirement age. SCENARIO 6 DESCRIPTION at which Mary will file and suspend. This will be necessary if Joe wants to claim his spousal before Mary claims her. Can't be before full retirement age. life expectancy 95 age Joe's age Joe's Joe's monthly annual $0 $0 $0 $0 $0 $0 $0 2015 62 62 $0 $0 $0 $0 $0 $0 $0 2016 63 63 $0 $0 $0 $0 $0 $0 $0 2017 64 64 $0 $0 $0 $0 $0 $0 $0 2018 65 65 $0 $0 $0 $0 $0 $0 $0 2019 66 66 $1,416 $16,995 $0 $0 $1,416 $16,995 $16,995 2020 67 67 $1,456 $17,471 $0 $0 $1,456 $17,471 $34,466 2021 68 68 $1,497 $17,9 $0 $0 $1,497 $17,9 $52,426 2022 69 69 $1,539 $18,463 $0 $0 $1,539 $18,463 $70,889 2023 70 70 $1,582 $18,980 $3,480 $41,756 $5,061 $,736 $131,624 2024 71 71 $1,626 $19,511 $3,577 $42,925 $5,203 $62,436 $194,061 2025 72 72 $1,671 $20,058 $3,677 $44,127 $5,349 $64,184 $258,245 2026 73 73 $1,718 $20,619 $3,780 $45,362 $5,498 $65,982 $324,227 2027 74 74 $1,766 $21,197 $3,886 $46,633 $5,652 $67,829 $392,056 2028 75 75 $1,816 $21,790 $3,995 $47,938 $5,811 $69,728 $461,784 2029 76 76 $1,867 $22,400 $4,107 $49,280 $5,973 $71,681 $533,465 2030 77 77 $1,919 $23,027 $4,222 $50,6 $6,141 $73,688 $7,153 2031 78 78 $1,973 $23,672 $4,340 $52,079 $6,313 $75,751 $682,904 2032 79 79 $2,028 $24,335 $4,461 $53,537 $6,489 $77,872 $7,776 2033 80 80 $2,085 $25,016 $4,586 $55,036 $6,671 $80,052 $840,828 2034 81 81 $2,143 $25,717 $4,715 $56,577 $6,858 $82,294 $923,122 2035 82 82 $2,203 $26,437 $4,847 $58,161 $7,050 $84,598 $1,007,720 2036 83 83 $2,265 $27,177 $4,982 $59,790 $7,247 $86,967 $1,094,687 2037 84 84 $2,328 $27,938 $5,122 $61,464 $7,450 $89,402 $1,184,089 2038 85 85 $2,393 $28,720 $5,265 $63,185 $7,659 $91,905 $1,275,995 2039 86 86 $5,413 $64,954 $0 $0 $5,413 $64,954 $1,340,949 2040 87 87 $5,564 $66,773 $0 $0 $5,564 $66,773 $1,407,721 2041 88 88 $5,720 $68,642 $0 $0 $5,720 $68,642 $1,476,364 2042 89 89 $5,880 $70,564 $0 $0 $5,880 $70,564 $1,546,928 2043 90 90 $6,045 $72,540 $0 $0 $6,045 $72,540 $1,619,468 2044 91 91 $6,214 $74,571 $0 $0 $6,214 $74,571 $1,694,040 2045 92 92 $6,388 $76,659 $0 $0 $6,388 $76,659 $1,770,699 2046 93 93 $6,567 $78,806 $0 $0 $6,567 $78,806 $1,849,505 2047 94 94 $6,751 $81,012 $0 $0 $6,751 $81,012 $1,930,517 2048 95 95 $6,940 $83,281 $0 $0 $6,940 $83,281 $2,013,798 Your actual will be determined by the Social Security Administration at the time you apply. COLAs are determined annually and may be different from the assumptions used in these scenarios. Copyright Horsesmouth, LLC. 10