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For context, I am a 50 year old single female with no kids, no spouse, no job, awaiting Disability (which could take years and might get denied anyway). I have Autism Spectrum Disorder, Generalized Anxiety Disorder, Major Depressive Disorder, and Delayed Sleep Phase Disorder, which all contribute to why I can't work.
I have a small online business but got burnt out and can't do it anymore, although it's still bringing in maybe $500/mo in passive income. I am required to withdraw a certain amount every year from an inherited IRA which usually comes out to be around $5000/yr, which technically would be about $400/mo. So my actual yearly income is under $7,000. I live in a delapidated mobile home where my lot rent is almost $400. My income pretty much covers my rent and that's about it. In order to have money for my bills, business expenses, and fun stuff (hobbies, clothes, etc.) I need to either use a credit card or withdraw more money from my inherited IRA. I usually end up taking out an extra $10,000 in order to get me through each year plus put a big chunk down towards my credit card, which I can never fully pay off.
I am on some Section 8 waiting lists because my trailer is unsafe to live in, but now I am realizing that I couldn't even afford my part even if I were to qualify for Section 8 (my trailer needs to be deemed uninhabitable first, which nobody told me last year when I got on the lists). 30% of my income would include all the extra money I take out to pay down my credit card and pay for bills. I did the math and there is no way I could even afford being on Section 8, or living in subsidized housing. Right now my lot rent is about 15% of my income and I still need to live off credit cards and my retirement fund. There is no way I could even afford life on rental assistance.
This gets complicated further by the fact that I need to live alone, in order to get any sleep and also for my mental wellbeing. I could go into detail but trust me, living alone is necessary. I've had to live with people in the past and it never ended well.
Does anyone have any advice, maybe there's a program I don't know about for people who can't even afford living on rental assistance, maybe there's some type of help out there that I don't know about.
Why aren't you living on the rest of the inherited IRA? How much is it? I would assume most assistance would require you to have no assets and you clearly have assets so . . .
Why aren't you living on the rest of the inherited IRA? How much is it? I would assume most assistance would require you to have no assets and you clearly have assets so . . .
It's not enough, if I were to live completely off that, it would only last 4-5 years, after all the taxes got taken out.
I would consult a tax attorney, see about closing the IRA and reinvesting the balance in another mutual fund. There has to be ways around your current situation minus sizable fees/penalties.
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