RockyMtn
Thinks s/he gets paid by the post
Just starting my first full year of ER, and wondering about my lack of "verifiable income stream". I have my old employers 401K which I am going to pull a one-time-per-year lump out of to live on.( they don't allow any other kind of distribution scheme ) Doing such will last me well into time my SS starts. My separate IRA will then be untouched and doing it's thing until SS starts. BUT...I can start distributions from the IRA just to show an income stream, however the max I can pull is 19k a year. I wonder if that is really enough to satisfy any lending institution for a Mortgage refi or a car loan....and if not, then should I even bother. ( Wondering if that relatively small but steady income stream plus the IRA assets might satisfy a lender.) Whatcha think ....?
Whether or not the $19k from your IRA and your yearly 401k distribution will satisy a lender depends entirely on how much money you are looking to borrow. If it meets the income qualification for the loan you could take the distribution from your IRA and then stick it in a Roth IRA.