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Senior Housing/Credit Problem

  1. #31
    Join Date
    Sep 2014
    Location
    Albuquerque, New Mexico USA
    Posts
    8,116
    30% seems awfully high to me, as well, Patnono, are you getting SSI or Social Security? They are two VERY different things. Are you over 65? I doubt that it is really SSI if you have the assets to withdraw enough from them to hit the 30% tax rate. SSI is for very low income disabled folks and some very low income seniors. It is means tested, which means they check your income and assets before they award it to you. OR, could it be SSDI, which is disability from social security? Be aware that if your income is really SSI or SSDI, you stand to lose that if you get a job making more than a pittance and maybe if you get a job at all.



    If I were you, the first thing I would do is go see someone at a local Senior Citizens' law office and see what you really have and what it means before you shoot yourself in the foot and can't recover.

    Secondly, bankruptcy isn't a bar to renting, at least not around here it isn't. My sister has a bankruptcy and she has no problem renting. And yes, they checked her credit, and yes, the bankruptcy shows up. I also know a couple of other people who have bankruptcies which haven't prevented their renting. And the idea of not accepting a co-signor or a large deposit doesn't make sense from any angle. Are you sure you are understanding what is going on? Or is there something else in a credit or background check?

  2. #32
    Join Date
    Jan 2018
    Location
    Whittier,Ca
    Posts
    32
    Quote Originally Posted by Butterfly View Post
    30% seems awfully high to me, as well, Patnono, are you getting SSI or Social Security? They are two VERY different things. Are you over 65? I doubt that it is really SSI if you have the assets to withdraw enough from them to hit the 30% tax rate. SSI is for very low income disabled folks and some very low income seniors. It is means tested, which means they check your income and assets before they award it to you. OR, could it be SSDI, which is disability from social security? Be aware that if your income is really SSI or SSDI, you stand to lose that if you get a job making more than a pittance and maybe if you get a job at all.

    If I were you, the first thing I would do is go see someone at a local Senior Citizens' law office and see what you really have and what it means before you shoot yourself in the foot and can't recover.

    Secondly, bankruptcy isn't a bar to renting, at least not around here it isn't. My sister has a bankruptcy and she has no problem renting. And yes, they checked her credit, and yes, the bankruptcy shows up. I also know a couple of other people who have bankruptcies which haven't prevented their renting. And the idea of not accepting a co-signor or a large deposit doesn't make sense from any angle. Are you sure you are understanding what is going on? Or is there something else in a credit or background check?
    . Thanks for your reply, I rolled over my Pension and 401k after I retired into an IRA. the 30% is what I was told don't remember from who? I know that now when I withdraw I'm charged mandatory 10% Fed and 1% State (CA). So this tax year I wil see what additional taxes I'll be charged including my SSI. I'm anxious about that since this is my first year of retirement.

    Now the Bankrupcy this is the problem I've had, I read on a credit site to offer a larger deposit, months of rent and or a Co-signer if they won't accept Bankrupcy? Thing is I tried these things I mentioned they said NO. So I'll try non-management unowned buildings, a private owner I maybe able to negotiate better with the on a personable level? What state do you live in? Rents in California are VERY expensive. I have been looking to rent a room.

  3. #33
    Join Date
    Sep 2014
    Location
    Albuquerque, New Mexico USA
    Posts
    8,116
    Yes, but are you getting SSi, SS, or SSDI? Which one you are getting will be critical to how you proceed. AND, are you over 65?

    I live in New Mexico; things here are a lot less expensive than CA.

    Have you actually been TOLD that the bankruptcy is the issue, or is that an assumption?

  4. #34
    Join Date
    Sep 2014
    Location
    Albuquerque, New Mexico USA
    Posts
    8,116
    This is why I don't think what you are getting is SSI. This is from the SS website:


    "Maximum Federal Supplemental Security Income (SSI) payment amounts increase with the cost-of-living increases that apply to Social Security benefits. The latest such increase, 2.0 percent, becomes effective January 2018.


    SSI amounts for 2018

    The monthly maximum Federal amounts for 2018 are $750 for an eligible individual, $1,125 for an eligible individual with an eligible spouse, and $376 for an essential person.

    In general, monthly amounts for the next year are determined by increasing the unrounded annual amounts for the current year by the COLA effective for January of the next year. The new unrounded amounts are then each divided by 12 and the resulting amounts are rounded down to the next lower multiple of $1.



    Recipient Unrounded annual amounts for— Monthly amounts for 2018
    2017 2018 a
    Eligible individual $8,830.84 $9,007.46 $750
    Eligible couple 13,244.80 13,509.70 1,125
    Essential person 4,425.55 4,514.06 376
    a The unrounded amounts for 2018 equal the unrounded amounts for 2017 increased by 2.0 percent.

    Payment reduction

    The monthly amount is reduced by subtracting monthly countable income. In the case of an eligible individual with an eligible spouse, the amount payable is further divided equally between the two spouses. Some States supplement SSI benefits."

    So, unless you have a spouse, or an "eligible person" your $1100 cannot be SSI.

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