I have entered defined benefit company plans for me and my spouse. My report is showing much higher pension amounts.
It seems accurate for current 2016, but much too high starting next year 2017: ($105,620 for 2016, and $178,211 for 2017 combined).
Here is my input:
- Bridge Pension Payable Until Age 65: $74,655
- Lifetime Pension Payable at Age 65: $61,895
For my spouse:
- Bridge Pension Payable Until Age 65: $31,200
- Lifetime Pension Payable at Age 65: $23,520
Can you help, do you see where I may be entering inaccurately?
The lifetime pensions are correct.
For you, the bridge should be $12,760 (74,655 - 61,895). If it's in payment, enter it as a "Former Employer Plan", otherwise there will be accruals between now and retirement. The way you have it should be OK, as you are already 60.
The same comments apply to your spouse, please enter the annual bridge only (31,200 - 23,520).
Note that you can see detailed cash flow tables for each spouses and both combined at the bottom of the 'Accumulations' and 'Income Forecast' tabs.