Future Social Security benefits overstated
This question was address in 2014 in "Social Security Inflation Rate unrealistic" but what to do about the issue was not addressed.
My wife & I are collecting SS benefits which are 35% of our income. As discussed in 2014,the program does not have a separate entry for SS benefit growth. Therefor,for all years beyond the current year ESP grows the benefit amount by the inflation rate set in the assumptions tab which I have set at 6%. This results in our future SS benefits being significantly overstated. What the 2014 discussion did not address was how to fix this issue. I am concerned that our future discretionary spending is unrealistically high because 35% of our income is inflated. Using the Economic Assumptions window to decrease SS by some percentage beginning in a future year doesn't work because after the selected year for the reduction, the new benefit amount grows at the inflation rate. The fact that no other ESP user has raised this issue makes me think I'm missing something. Could you please discuss this issue. Specifically, what can I do to offset the inflated SS benefit income.