I-134 co-sponsor, living on retirement income, OK?

[Skyler 0]

Hello VJ peeps. Well we filed the I-129f about 6 weeks ago but it feels like forever. We´re hangin in there, though.

I (USC) live here in El Salvador with my fiance so I will need a co-sponsor. My mom is willing but I am unsure if she qualifies because she does not meet the requirements based on her earned income. However, she is living on a large retirement sum, about $500,000 which she takes a specific amount out of each month. She doesn´t have any dependents. Will she qualify? Any experience with having problems with a sponsor who has little income but a lot in the bank?

Thanks in advance for any info.

[Dakine 26]

Hello VJ peeps. Well we filed the I-129f about 6 weeks ago but it feels like forever. We´re hangin in there, though.

I (USC) live here in El Salvador with my fiance so I will need a co-sponsor. My mom is willing but I am unsure if she qualifies because she does not meet the requirements based on her earned income. However, she is living on a large retirement sum, about $500,000 which she takes a specific amount out of each month. She doesn´t have any dependents. Will she qualify? Any experience with having problems with a sponsor who has little income but a lot in the bank?

Thanks in advance for any info.

If she has ITRs showing enuf retirement income there shouldn't be any problem. If not he'll have to go by asset.

Edited July 13, 2008 by Haole

[pushbrk 13,169]

Hello VJ peeps. Well we filed the I-129f about 6 weeks ago but it feels like forever. We´re hangin in there, though.

I (USC) live here in El Salvador with my fiance so I will need a co-sponsor. My mom is willing but I am unsure if she qualifies because she does not meet the requirements based on her earned income. However, she is living on a large retirement sum, about $500,000 which she takes a specific amount out of each month. She doesn´t have any dependents. Will she qualify? Any experience with having problems with a sponsor who has little income but a lot in the bank?

Thanks in advance for any info.

Sounds like she qualifies. The instructions for the I-134 are a pretty good guide. You and your mother will each fill one out and provide the supporting documentation.

[tokmik 0]

Take the amount that you are currently expending each year - do not include your savings, do not include Social Security, but do include your taxes.

Subtract what expenditures you may not continue to have in retirement such as a mortgage perhaps and add any additional expenses you may incur such as for medical insurance or uncovered expenses.

Subtract any pension benefits you may be eligible to receive.

Subtract any Social Security benefit you may be eligible to receive - check your annual statement from SS.

Take the resulting amount and multiply by the number of years you estimate that you will be retired - perhaps 30 if you figure on an age 62 retirement and life expectancy to age 92, or 40 if you think you want to retire now. Perhaps add an amount you may want to have as a reserve asset.

That resulting number is approximately what you need to have saved or will need to save in order to fund your expected/desired retirement. If it does not seem feasible then you need to consider working longer, saving more, living more frugally in retirement, or some combination of all of these.

Many will criticize this formula as too simplistic that it does not properly account or allow for inflation or your investment earnings. However, I suggest that it is a very reasonable approximation since one can expect one's investment earnings to be approximately equally offset by inflation. In reality it is very difficult to achieve an ROI much greater than inflation across all one's assets and investments and savings - kudos to you if you do.

And in retirement one can forget all the complicated X% per year withdrawal rules being much debated. Each year plan to budget an amount equal to your remaining or then current retirement assets and savings divided by your remaining years of expected retirement.

The estimations outlined, both for savings for retirement and withdrawals in retirement, will automatically adjust each year to account for your actual investment gains and actual yearly inflation and amortize any one time big expenses or windfalls.

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