My brother in law passed away suddenly in 2021. My sister has her house up for sale and is now in a snowbird rental not far from me, here in FLA.
She has decided to stay in FLA. She was recently approved for a brand new senior housing complex under construction and due to be complete in a few months.
To qualify for this complex (62 plus) she has to have a minimum income of $24K per year, but not more than $36K per year - so she's dealing within a tight gap of $12k per year between min and max.
They are scheduling her for a financial review in April. She will have to disclose assets and income. They told her they do not consider the balance of her 401K to be income, rather it's an asset.
She is 63 and has not yet started taking Social Security. She was waiting to see whether she needs additional income down the road if her health does not hold out.
If she starts taking Soc Sec, she will be over the maximum and they told her that at that point, her options would be to move out or start paying a market based rent.
She currently falls within the $12K/year window if she doesn't do anything differently than she is now - earning a pension and taking occasional withdrawals from her 401K (again, they said the 401K account balance is not income unless it changes to periodic payments).
I'm thinking this could be a hassle if things don't like up in the future - i.e.
(1) something happens and she falls beneath $24K or goes above $36K
(2) She needs to start Social Security
(3) She has to start paying a market based rent which could force her to leave if she is squeezed too much
(4) The older one is, the harder it is to keep moving.
My question is whether anyone here has or knows someone who has lived in one of these income based senior complexes, and how it all worked out for them?
She has decided to stay in FLA. She was recently approved for a brand new senior housing complex under construction and due to be complete in a few months.
To qualify for this complex (62 plus) she has to have a minimum income of $24K per year, but not more than $36K per year - so she's dealing within a tight gap of $12k per year between min and max.
They are scheduling her for a financial review in April. She will have to disclose assets and income. They told her they do not consider the balance of her 401K to be income, rather it's an asset.
She is 63 and has not yet started taking Social Security. She was waiting to see whether she needs additional income down the road if her health does not hold out.
If she starts taking Soc Sec, she will be over the maximum and they told her that at that point, her options would be to move out or start paying a market based rent.
She currently falls within the $12K/year window if she doesn't do anything differently than she is now - earning a pension and taking occasional withdrawals from her 401K (again, they said the 401K account balance is not income unless it changes to periodic payments).
I'm thinking this could be a hassle if things don't like up in the future - i.e.
(1) something happens and she falls beneath $24K or goes above $36K
(2) She needs to start Social Security
(3) She has to start paying a market based rent which could force her to leave if she is squeezed too much
(4) The older one is, the harder it is to keep moving.
My question is whether anyone here has or knows someone who has lived in one of these income based senior complexes, and how it all worked out for them?
