Savings as income requirement

[Diane and Chris 651]

My fiancé and I are waiting for his K1 approval. We are both retired. How much money do we need in savings and investments to prove income eligible?

[blue_angel_29 108]

Do you get any kind of income?

 

If no income at all, it will be 5 times the 125% poverty line.

 

If some income, the difference of income and poverty line times 5.

[ZoeUK1989 35]

Yep, Blue_angel is correct. 

 

If you have an income from retirement you do not require as much in your savings but if you have no income at all and there is only you and your fiance (no dependants) you are looking at needing over $100,000 in savings. 

 

If you have an income then you take that from the poverty guide line amount and work out what your shortfall is. The amount required in savings must be 5 x that of your short fall  so if you were getting $18000 say for arguments sake your short fall is $2,025. You would need to have just over $10,000 in savings.

 

I am not sure if the poverty guidelines have changed so excuse me if those numbers are slightly different now, I am just going on what is was at the time we filed.

 

Best of luck  

 

[Diane and Chris 651]

Thank you so much for this information.  We have an attorney, but, he never returns calls. We should have done this K1 ourselves and saved $2000.  

Edited January 16, 2017 by Diane and Chris

[ZoeUK1989 35]

Yes, I agree with that too. Don't bother with lawyers unless you have really complicated case. You basically have to do everything yourself anyway 

 

I'm sorry that your calls have been ignored and you have no been supported by them