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Changing marital status in My Plan

This article describes the options for marital status in My Plan

Nancy Gates avatar
Written by Nancy Gates
Updated over a week ago

Although at the current time the Planner models only one user/couple per plan, there are a few ways to model changing marital status. The best option is to compare the differences between a single and married status is begin with a spouse in the plan. Then enter a shortened longevity date and/or turn off or remove items.

Here are a few areas you may wish to adjust:

Life Insurance: You may wish to enter the death benefit of any relevant life insurance policies in My Plan > Income > Windfalls.

Income: If you have entered income streams from work, pensions or annuities for a spouse, they may be shortened in different scenarios using the stop age you desire. They will also end at the spouse's longevity date if there is no survivor benefit.

Savings: Accounts may not be deleted or reduced in different scenarios, but you may deplete the assets by entering tax deductible Disbursements from the accounts (found in My Plan > Expenses and Healthcare).

Expenses: Expenses are not shared between scenarios once the data had been copied and you may modify as as you desire.

Social Security: You may wish to exclude the Social Security benefit of one spouse.

IRMAA: When one spouse passes the Planner will use the AGI for the survivor in calculating IRMAA.

Taxes: When one spouse passes the Planner will use the AGI for the survivor in calculating income taxes.

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