Incorrect Social Security Benefit Ver 2.29.0

ESPlanner is calculating a slightly different 2015 SS benefit amount than what we're receiving. The error is small,less than 1% too high. Could this be a rounding error? How does the program use the monthly SS benefit amount entered in the Social Security window? I've noticed that changing that amount affects the results. Does the program default to using the benefit amounts entered? If so, then the calculation is not being done correctly, albiet a minor error.
Thanks,
James Mavrogenis
PS Thanks for the update. This valuable program keeps getting better in more useful with every upgrade. Thankyou

Comments

dan royer's picture

I'm not sure James. I know the inputs are very sensitive, and a month here or there can make a difference. I've noticed that even birthdays falling at the end of the month can sometimes delay a month or things like that. Of course if you are receiving, then just enter the amount you are receiving and it uses that amount.

James,
ESPlanner uses the larger of the retirement benefit amount that you entered or the amount that we calculate from your past earnings.
Any difference between what we calculate and what SSA is paying you is simply round off differences. SSA rounds intermediate results to build up a final rounded benefit.
Since we calculate the benefit in an entirely different order than SSA, for technical execution time reasons, we calculate intermediate results to full precision and then round the final benefit.
If you're really concerned about this, just tweak your last year of past earnings until ESPlanner gets the same amount as SSA.

Dan, ESPlanner does not appear to be using the received benefit amounts in it's calculations. I ran a case where I deleted the received benefit amounts for myself and my partner and the results showed the exact same yearly benefits. Our actual 2015 benefits are $24 less than what the program calculates. Although the error is small, < 1% it is still an error that should not be there if ESPlanner is taking the entered amount and multiplying by 12. Should I submit a support ticket?
James

Hi Mike, Seems your response came in just as I was preparing mine & didn't see it. Now that I understand how the benefit amount is generated I'm OK with the results. I'll try your suggestion and tweak the last year's earnings and see what happens.
Thanks
James

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