The MoneyReady Forum
Posts: 50

My retirement income is entered as "OTHER" income but it's actually a defined benefit pension. How do I let the Time Machine know that, and that it can be split between spouses?

Is there a way to enter for the year of my death a new and ongoing stream of income for my wife as a percentage of my former pension?
Posts: 136

When you first start, the inputs are pretty basic for pre-and post retirement income and expenses, but you can add or modify entries.

Edit the other Income and select Defined Benefit Pension income in the dropdown menu for Income type.

Make sure to click submit on each input screen as more details on the pension will be asked for, including survivor benefits.

If you have bridge pension, add it as a separate income entry.

Pension income is automatically split optimally with any spouse income in the TIME MACHINE.

Please refer to the MoneyReadyApp eBook for detailed information on how we treat Defined Benefit pensions.