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Retirement Score and Pension calculation

Feb 24, 2017 10:12AM EST

I am a huge fan of HelloWallet, have been a huge fan for many years and have even got my wife on HelloWallet (took some time) as of recent. However, I think my retirement score is not accurately reflected. The main reason, I think is because my Pension is not calculated correctly. I see that Social Security is taken face value as the same number i input in 'retirement assumptions' as I think it is because Social Security has a sort of 'Cost of Living (COLA)' (or some sort of inflation adjustment) adjustment that is accounted in HelloWallet for BUT for my pension it does not seem to not account for COLA adjustments. The reason I can tell is because the Retirement Wellness Score shows a WAY lower amount even when I deselect other retirement accounts (yes, I have a pension and a 401k).

I am a government worker and receive COLA adjustments per year for my pension/annuity. The link for this calculation is below:

https://www.opm.gov/retirement-services/my-annuity-and-benefits/annuity-payments/#url=Cost-of-Living

Now I don't need the pension to reflect the accuracy of the adjustment BUT maybe the same thing that is done for Social Security where it seems as though it takes it for face value.

Would there be another way to compromise the difference of calculation?

Best Answer

HelloWallet Support Answer

Feb 24, 2017 03:29PM EST
Meaghan
HelloWallet Support

Although HelloWallet cannot account for those COLA adjustments for your pension automatically, you can list this so it appears as pretaxed under the income portion of your Retirement Profile. If you navigate to the Guidance page and select Retirement, there is a tab to “Edit your retirement profile.” Select this option, and then click on “Income and Contributions.” You can list your additional income here for that account that you are receiving income from for your retirement, because you can list this as pre-tax or post-tax. It will then be reflected as the actual value that you are receiving the pension for and can account for those COLA adjustments. If you have any additional questions, please feel free to contact us at support@hellowallet.com, and we will be happy to assist you further!

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