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If the pension and the SS add up to fill the requirements of the income band, you're in good shape. Congrats! If you have other, say, brokerage and savings accounts, they must be under the neighborhood of $55,000 (or so, don't have the exact figure handy). That's a ridiculously low cap for people who have been working for 40 years, but ... best of luck. And again, bona fide retirement accounts (any type of IRA--Roth or Traditional, 401ks) are excluded from the cap. Some of the marketing agents are ignorant on this point, so I'm emphasizing it. Let us know what happens.
Hmm. I'm going to have to read the fine print of the requirements. Pension is a lump sum of $57k in an IRA at the moment. Might need to transfer some of that to get it under the limit, but I'll check it out. Thanks again!
If the pension is in an IRA and it's labeled IRA, you are fine. No need to move any funds. I'm not exactly sure how a pension that hasn't been moved to an IRA is looked at. I know they ask about cash value. I've never dealt with that situation, so I'm not sure. If it hasn't been moved to an IRA, perhaps do that, with some guidance (any discount broker like Fidelity or Vanguard will be more than happy to walk you through that). You won't be taxed on it if goes directly to an IRA. Retirement accounts can be several hundred thousand dollars, and will likely need to be if you're going to manage to pay rent and other expenses once you're no longer working. Any amounts you're drawing on these accounts, though, will be added to income. That would be the only thing to watch.
If the pension is in an IRA and it's labeled IRA, you are fine. No need to move any funds. I'm not exactly sure how a pension that hasn't been moved to an IRA is looked at. I know they ask about cash value. I've never dealt with that situation, so I'm not sure. If it hasn't been moved to an IRA, perhaps do that, with some guidance (any discount broker like Fidelity or Vanguard will be more than happy to walk you through that). You won't be taxed on it if goes directly to an IRA. Retirement accounts can be several hundred thousand dollars, and will likely need to be if you're going to manage to pay rent and other expenses once you're no longer working. Any amounts you're drawing on these accounts, though, will be added to income. That would be the only thing to watch.
Yes, I checked and it's labeled Traditional IRA. Thanks again for the help. Much appreciated.
Did anyone have to go through the interview process twice? I had my initial interview last summer and was later placed on the waitlist. Yesterday, I was asked to come in again.
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