FAQ: How do I Test Multiple Defined Benefit Pension Start Dates?

Adviice will not dynamically calculate pension amounts based on start date so before you start you'll need to go to your employer pension calculator and run the scenarios you want to test.

When you have the pension amounts/dates you want to test, you'll need to create a new scenario (or multiple scenarios depending on how many start dates you'd like to test). If you're not sure how to do that you can see a video here.

In that new scenario you'll have to change the defined benefit pension amount and start date manually. I'll show you how that works in multiple comments because we're limited to one image per comment.

1. In the Projections Section, click the arrow next to "*Your Name* Income". That will expand that section. Scroll over to the right until you see the values for your Defined Benefit Pension.

Note: You may see annual negative amounts in the years before you start receiving it. This is not a mistake but is your annual pension adjustment

2. Click on the year you'd like to start and enter the new value of your pension. I've done an example below where it is delayed until age 65 and is increased to $60,000. Click 'Increase by inflation' if your pension is inflation adjusted. Update until the end of your plan.

3. Lastly, we'll adjust the previous years by clicking on the current year's pension adjustment and extending it until the year before you are taking your pension (in this case 64)

In the end it will look like this:

Make sure you be careful if your pre-65 is different than your post-65 pension amount. You'll have to enter different values in those overrides.