eMoney Tip of the Week: Social Security Spousal Benefit

Your dreams have finally come true. Spousal Social Security benefits are now automatically calculated within emX! Typically, the recipient receives the greater of their own benefit based on their own work history, or 50% of their partners’ benefit.

Additionally, you have the option to include Restricted Spousal Benefits. There is no choice for File and Suspend, but the system will determine whether it’s needed based on facts entered. You can set either the client or spouse to receive Restricted Spousal Benefits, but not both.

You can also tell the system when to start their retirement benefit. If either the client or spouse has Restricted Spousal Benefits set to “Yes,” then the system will automatically start restricted benefits as soon as possible based on ages.

We also created a brand new drilldown report in the Cash Flow to show the breakdown of Social Security benefits. To find this report, select Income Flows and then Social Security.