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Um, do what most people do and draw from your assets to increase your monthly income? That's my plan.
Not sure what your goal is, but I assume you're trying to leave an inheritance? My question would be, why should tax payers (example, me) subsidize your housing needs, so that you an leave your nest egg to someone else?
No, Robert, I am not building a nest-egg to leave for someone else to inherit. I have no children to inherit anyway. My very modest nest-egg, accumulated over a lifetime of working and saving is a safety net against future possible serious debilitating illness. If I had to dip into my savings to pay my monthly rent, my savings would be depleted very quickly. I'm talking about having a very limited income when I fully retire (and I am well beyond full retirement age).
Thank you,Elnrgby. You seem to be the only person here who understands my situation. Rent should be based ongoing income, not on savings accumulated over the lifetime of working and which provides a modest safety net against severe future possible illnesses.
seems to me you're focusing on what should be rather than what is.
You might try to figure out a plan B now that plan A seems out of reach.
MOST people have a pretty limited income when they retire, and MOST people supplement their retirement income with money from their savings or investments, not just the interest/earnings. If they allowed one to qualify with significant savings/investments, then most seniors in the country would qualify.
Scarlett2, I understand your situation and empathize. I live in subsidized/affordable senior apartments, which are very nice. Instead of paying a percentage of my income, it is a set monthly rent. Assets are not taken into consideration in any way, although I do have to divulge them every year at lease renewal time. Hoping there is something similar in your area to check out.
Location: IN>Germany>ND>OH>TX>CA>Currently NoVa and a Vacation Lake House in PA
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Quote:
Originally Posted by elnrgby
Saving is something different from an ongoing income.
If only savings could be used to create income.
There's logic in that, trust me. Feel free to supplement my retirement house for me, and I'll not touch my savings so my kids can have a windfall when I die. I'll send you the address via PM.
Quote:
Originally Posted by Scarlett2
No, Robert, I am not building a nest-egg to leave for someone else to inherit. I have no children to inherit anyway. My very modest nest-egg, accumulated over a lifetime of working and saving is a safety net against future possible serious debilitating illness. If I had to dip into my savings to pay my monthly rent, my savings would be depleted very quickly. I'm talking about having a very limited income when I fully retire (and I am well beyond full retirement age).
Sounds to me like you're ill prepared for retirement and made poor choices leading up to it and expect me to fill the gap for you.
Scarlett2, I understand your situation and empathize. I live in subsidized/affordable senior apartments, which are very nice. Instead of paying a percentage of my income, it is a set monthly rent. Assets are not taken into consideration in any way, although I do have to divulge them every year at lease renewal time. Hoping there is something similar in your area to check out.
May I ask what type of senior subsidized affordable development you live in? If it is a LIHTC development, perhaps they do not count assets as a disqualifying factor. However, I understand that the LIHTC program is also administered by HUD so I am a little skeptical as to whether the rules differ. The LIHTC program stipulates that monthly income must be below a certain amount but I don't think they count assets (yet) anyway.
There's logic in that, trust me. Feel free to supplement my retirement house for me, and I'll not touch my savings so my kids can have a windfall when I die. I'll send you the address via PM.
Sounds to me like you're ill prepared for retirement and made poor choices leading up to it and expect me to fill the gap for you.
Just to clarify, can you elaborate on what you consider my "poor choices" leading up to retirement? I never had a high paying job (strictly clerical) but was always able to save what I could. After expenses, I never had money left over to invest in stocks, Now, after decades of savings, I must deplete my very modest savings account to pay rents I simply cannot afford once i retire. How is that making "poor choices".
If so, they do not count Retirement account assets; just the income that is thrown off from retirement accounts.
I'm guessing they want to guard against people selling their home and then signing up for heavily subsidized housing. That would be quite compelling actually.
It reads as if it would be possible to move assets from Checking/Savings into a 'Retirement' account to thwart the Excess Total Assets disqualification.
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