On the pension screen you enter information related to your pension(s). Social Security, retirement accounts, and annuities each have their own input areas.
Key Concepts:
- This pension screen should capture the key features of your annual stream of income from a public or private pension
Tips:
- Although entering the "annual amount" is self-explanatory, note that the "lump sum" field will create a taxable receipt and this income will be added to your regular assets. If you are using a lump sum rollover to move the pension to a tax-deferred retirement account, do not enter it as a pension. Instead, follow the guidelines here: Pension Rollover vs Lump Sum
- Most pensions are not indexed to inflation like Social Security. If it is fully indexed to inflation, giving it a full cost of living adjustment every year, enter 100% for inflation indexing. If the face value stays the same every year (more common), enter 0%.
- We currently still show a "Covered by Social Security?" field. In the past, this was important in order to calculate the impact of Social Security's Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). However, due to the Social Security Fairness Act of 2025, these provisions no longer apply and our calculations will ignore the values in these fields. Please leave "Covered by Social Security?" set to Yes.