How Do You Answer Income Questions Once Retired?

[Animorph]

I would use AGI, but with Roth conversions and no straight retirement withdrawals it seems pretty meaningless. Plus it excludes real income in tax advantaged retirement accounts.

For a couple of CC applications this year we used all fund/ETF distributions, in taxable accounts and retirement accounts. Capital gains inflate it enough to approximate our yearly spending, so it's roughly appropriate and documentable.

 

[mickeyd]

Recently we began the application process to move to a CCRC. They require both financial as well as medical proof to qualify. They financial proof was merely a self completion blank form that asked for specific financial data, mostly related to income, expenses and investments. I provided them exactly what they asked for, as it was quite specific. I signed the form with the knowledge that what I was providing them was 100% accurate. The physician-provided medical proof will be submitted at a later date.

 

[rayvt]

Most of us financially indepenent people have just about whatever income we want. Just sell some stocks to raise money.

I ballpark at pension + SS + 4% of my portfolio. Aside from that, I usually say $125K. That's big enough to get their interest but not so big as to be disbelievable.

 

[Looking4Ward]

As others have already pointed out, when it comes to vehicle/credit card/consumer loans I simply use whatever figure I'd be comfortable pulling out of my investments for one year. That could be as high as $150K depending on the circumstances.

Mortgages are obviously a different matter since income verification is thoroughly scrutinized. In that case I've resigned myself to paying cash for any home purchases for the rest of my life.

 

[nun]

I use the AGI or taxable income from our most recent tax return.

Yep that's what I do. When I applied for ACA that's what they wanted, my networth wasn't a factor, just my annual income. As my outgoings are low (I own my home and have no debt) my income was too low to qualify and I got placed on Medicaid which required another set of copies of my tax return and 3 months of bank account statements etc. It's good to keep all this stuff to hand and current so it can be easily submitted.