NPV calc or analysis for SS pension integration?

I am familiar with how to do a NPV for the irregular cash flows one would get from SS integration but so far I have been unable to find a calculator or tool that helps with a full analysis including survivorship benefits. My google-foo* has failed me.

Anyone use or know of such?

*Apparently foo with a u is now a banned two letter word.

Open social security calculates a present value for two people and has options for life expectancy and other things.

Thanks, that unfortunately doesn’t cover SS pension integration but is still a handy site for a quick result.

I don’t have a pension and don’t understand the complexities but if you check the box at the top that says “Certain situations require additional input” you get drop down list that includes “Pension from employment not covered by Social Security taxes”. Is that what you’re looking for? I use the menu to play with other things on the list like mortality tables.

Thanks again, I did not look there previously. That being stated, that appears to refer to the type of pension that may reduce your SS benefit and not work in conjunction with it.

I have since run a simply breakeven analysis (without spousal considerations and no discount rate applied) and it looks like integration may not be the wise choice. Still considering.

In case anyone is interested, here is the basic data:

Straight life pension at 55 (no cola): $2674/mo
with SS integration: $3892 til 62, $1784 at 62 and later

Breakeven is between 70 and 71. Lifetime (90) income difference of over 200k less with integration. You do get an extra 100k from 55 to 62, which still might be worth it vs the potential alternative of spending down investments. I will have to do with with a discount rate applied and see if it becomes more attractive.

What does the term “SS integration” mean? New to me…

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Google will give you many answers but to put it simply, if you integrate a pension with SS, you are able to front load the pension income (as illustrated above) when you are pre-SS age. You then get less pension once you hit age 62. It allows one to retire earlier than SS age but still receive a guaranteed income.

Ah. Well, from reading at this doesn’t seem like a great thing.
Social Security integration is an employer practice …Under integration, the employer subtracts a percentage of the worker’s Social Security from the amount paid by the DB plan.

I’m unfamiliar with it because my former employer’s pension plan is not / will not be “integrated” that way, so when I start drawing both I will get full amount of both as of the date I start.

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