In this article:
- How to add a Social Security cash flow onto an Asset-Map
- How it affects a Target-Map
Social Security is a type of Cash Flow in Asset-Map
- Click Add Cash Flow on the map menu.
- Select Cash Flow Type: Social Security
Fill in the rest of the Add Cash Flow form.
- Decide at which age Social Security will start. (example: 70)
- Check the statement for the monthly value corresponding to the age. (example: $2347 a month)
- Enter the annual amount into the Annual Amount field. (example: $2347 x 12 = $28,164)
- Select "Future Value" if the value is already inflated at the future age. Note: government statements offer both Future value and Present values. Apply the check box appropriately.
- Enter age of Availability (Start age or date); enter the age of estimated mortality (age or date). (example: Start: 70, End: 100)
The tile will appear with gray text and a colored border if the Start date/age entered is in the future. The value will not be calculated as part of the current income stream.
The asset will appear on a Target-Map's "What you have" tab.
Applying Future Value in Asset-Map means that the value on the asset-map is inflated with COLA up to the age that it becomes available. On a Target-Map, whatever COLA is set for that cash flow is then calculated from age of availability to mortality.