May
17
2024
Choosing a Retirement Date: The Best Time to Retire

Choosing Your Retirement Date: Here’s What You Should Know

By | Growing Wealth, invest, Investing, Preparing for Retirement | Comments Off on Choosing Your Retirement Date: Here’s What You Should Know

Choosing a retirement date is one of the most important financial decisions you’ll ever make. Your retirement date can determine how much money you’ll need to save to achieve your desired lifestyle — and how many years that money will need to last.

Selecting an optimal retirement date isn’t an exact science. Instead, it involves looking at a number of different factors to determine when you can realistically retire. Whether you’re interested in retiring early or delaying retirement to a later age, it’s important to understand what can influence your decision.

The Importance of Your Retirement Date

When preparing to retire, the date you select matters for several reasons. First, your retirement date can influence other financial decisions, including:

•   When you claim Social Security benefits

•   How much of your retirement savings you’ll draw down monthly or annually

•   In what order you’ll withdraw from various accounts, such as a 401(k), Individual Retirement Account (IRA), pension, or annuity

•   How you’ll pay for health care if you’re retiring early and not yet eligible for Medicare

•   Whether you’ll continue to work on a part-time basis or start a business to generate extra income

These decisions can play a part in determining when you can retire based on what you have saved and how much money you think you’ll need for retirement.

It’s also important to consider how timing your retirement date might affect things like taxes on qualified plans or the amount of benefits you can draw from a defined benefit plan, if you have one.

If your employer offers a pension, for example, waiting until the day after your first-day-of-work anniversary adds one more year of earnings into your benefits payment calculation.

Likewise, if you plan to retire in the year you turn 59 ½, you’d want to wait until six months after your birthday has passed to withdraw money from your 401(k) in order to avoid a 10% early withdrawal penalty on any distributions you take.

Get a 1% IRA match on rollovers and contributions.

Double down on your retirement goals with a 1% match on every dollar you roll over and contribute to a SoFi IRA.1

1Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.

💡 Quick Tip: Want to lower your taxable income? Start saving for retirement with a traditional IRA. The money you save each year is tax deductible (and you don’t owe any taxes until you withdraw the funds, usually in retirement).

Choosing Your Date for Retirement

There are many questions you might have when choosing the best retirement date: What is the best day of the month to retire? Is it better to retire at the beginning or end of the year? Does it matter if I retire on a holiday?

Weighing the different options can help you find the right date of retirement for you.

End of the Month

Waiting to retire at the end of the month could be a good idea if you want to get your full pay for that period. This can also eliminate gaps in pay, depending on when you plan to begin drawing retirement benefits from a workplace plan.

If you have a pension plan at work, for example, your benefits may not start paying out until the first of the following month. So, if you were to retire on the 5th instead of the 30th, you’d have a longer wait until those pension benefits showed up in your bank account.

Consider End of Pay Period

You could also consider waiting to the end of the pay period if you don’t want to go the whole month. This way, you can draw your full pay for that period. Working the entire pay period could also help you to accumulate more sick pay, vacation pay, or holiday pay benefits toward your final paycheck.

Lump Sums Can Provide Cash

If you’ve accumulated unused vacation time, you could cash that out as you get closer to your retirement date. Taking a lump sum payment can give you a nice amount of cash to start your retirement with, and you don’t have to worry about any of the vacation time you’ve saved going unused.

Other Exceptions to Consider

In some cases, your retirement date may be decided for you based on extenuating circumstances. If you develop a debilitating illness, for example, you may be forced into retirement if you can no longer perform your duties. Workers can also be nudged into retirement ahead of schedule through downsizing if their job is eliminated.

Thinking about these kinds of what-if scenarios can help you build some contingency plans into your retirement plan. Keep in mind that there may also be different rules and requirements for retirement dates if you work for the government versus a private sector employer.

Starting a Retirement Plan

The best time to start planning for retirement is yesterday, as the common phrase says, and the next best time is right now. If you haven’t started saving yet, it’s not too late to begin building retirement wealth.

An obvious way to do this is to start contributing to your employer’s retirement plan at work. This might be a 401(k) plan, 403(b), or 457 plan depending on where you work. You may also have the option to save in a Simplified Employee Pension (SEP) IRA or SIMPLE IRA if you work for a smaller business. Any of these options could help you set aside money for retirement on a tax-advantaged basis.

If you don’t have a workplace retirement plan, you can still save through an IRA. Traditional and Roth IRAs offer different types of tax benefits; the former allows for tax-deductible contributions while latter offers tax-free qualified distributions. You could also open a SEP IRA if you’re self-employed, which offers higher annual contribution limits.

If you decide to start any of these retirement plans, it may be helpful to use a retirement calculator to determine how much you need to save each month to reach your goals. Checking in regularly can help you see whether you are on track to retire or if you need to adjust your contributions or investment targets.

💡 Quick Tip: Can you save for retirement with an automated investment portfolio? Yes. In fact, automated portfolios, or robo advisors, can be used within taxable accounts as well as tax-advantaged retirement accounts.

Retirement Investing With SoFi

Choosing a retirement date is an important decision, but it doesn’t have to be an overwhelming one. Looking at the various factors that can influence how much you’ll need to save and your desired lifestyle can help you pin down your ideal retirement date. Reviewing contributions to your employer’s retirement plan and supplementing them with contributions to an IRA can get you closer to your goals.

Not everyone’s journey to retirement is going to look the same, so you should weigh your options. Think about your goals, and what tools you can use to help you reach them. If you need guidance, it may be a good idea to speak with a financial professional.

Ready to invest for your retirement? It’s easy to get started when you open a traditional or Roth IRA with SoFi. SoFi doesn’t charge commissions, but other fees apply (full fee disclosure here).

For a limited time, opening and funding an Active Invest account gives you the opportunity to get up to $1,000 in the stock of your choice.

FAQ

Is it better to retire at the beginning or end of the month?

Retiring on the last day of the month is typically the best option. This enables you to collect all your paychecks during this period. You may also benefit from collecting any holiday pay that might be offered by your employer for that month. As a note, it doesn’t necessarily matter if the last day of the month is a work day for you.

What is the best day to retire?

The best day to retire can be the end of the month or the end of the year, depending on how pressing your desire is to leave your job. If you can wait until the very last day of the year, for example, you can collect another full year of earnings while maxing out contributions to your workplace retirement plan before you leave.

Is my retirement date my last day of work?

Depending on how your employer handles payroll, your retirement date is usually the day after your last day of work or the first day of the next month following the date you stop working.

Photo credit: iStock/Tatomm

SoFi Invest®

INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

SoFi Invest encompasses two distinct companies, with various products and services offered to investors as described below: Individual customer accounts may be subject to the terms applicable to one or more of these platforms.
1) Automated Investing and advisory services are provided by SoFi Wealth LLC, an SEC-registered investment adviser (“SoFi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC.
2) Active Investing and brokerage services are provided by SoFi Securities LLC, Member FINRA (www.finra.org)/SIPC(www.sipc.org). Clearing and custody of all securities are provided by APEX Clearing Corporation.
For additional disclosures related to the SoFi Invest platforms described above please visit SoFi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Claw Promotion: Customer must fund their Active Invest account with at least $25 within 30 days of opening the account. Probability of customer receiving $1,000 is 0.028%. See full terms and conditions.

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May
14
2024
What Is a Senior Checking Account?

What Is a Senior Citizen Checking Account?

By | Budgeting & Goals, money, Preparing for Retirement | Comments Off on What Is a Senior Citizen Checking Account?

A senior citizen checking account is a type of bank account specifically designed for individuals who are typically aged 55 or older. These accounts often offer benefits such as higher interest rates, lower fees, and additional perks tailored to the needs of seniors, such as discounts on travel or entertainment.

Is it worth getting a senior checking account vs. a regular checking account? Sometimes — but not always. Here’s what you need to know.

How Does a Senior Checking Account Work?

A senior checking account works in the same way as a regular checking account. The only difference is that it may offer benefits and features customized for adults above a certain age, which might be 50, 55, or 62, depending on the bank or credit union. Senior checking accounts are more commonly offered by smaller regional banks or credit unions than by large national banks.

Like a standard checking account, senior checking accounts offer a place to safely store your money and manage day-to-day spending. They typically come with paper checks plus a debit card you can use for purchases or cash withdrawals. Checking accounts may also offer features like overdraft protection and direct deposit.

Recommended: 7 Tips for Managing a Checking Account

What Is the Difference Between a Senior Checking Account and a Normal Checking Account?

Overall, a senior checking account serves the same purpose as a regular checking account. However, a senior checking account may have certain age requirements and can come with unique benefits and senior discounts designed to appeal to older adults. Some of these benefits may include:

•   Free checks

•   No monthly service charges or low minimum balance requirement to waive monthly service fees

•   24/7 access to customer service by phone

•   Interest on checking account balances

•   A certain number of out-of-network ATM fees waived

•   Discounts on safe deposit boxes

•   Free services such as notary, cashier’s checks, money orders, and wire transfers

•   Special interest rates on certificates of deposit (CDs) or loans

•   Rewards points for using your debit card

These types of perks make it easier for senior citizens to manage their financial life.

Get up to $300 when you bank with SoFi.

No account or overdraft fees. No minimum balance.

Up to 4.00% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
FDIC insurance.


Pros of a Senior Checking Account

A senior checking account generally offers all the benefits of traditional checking, plus some extras. Here’s a look at some of the advantages of opening a senior checking account.

•   Unique perks: Eligible account holders can often enjoy special perks like free checks, waived monthly service charges and transaction fees, and discounted banking services.

•   Earn interest: It’s not guaranteed everywhere, but some senior checking accounts allow account holders to earn interest on their deposits.

•   Security: Like regular checking accounts, funds stored in a senior checking account (up to a certain amount) are safe and secure, thanks to Federal Deposit Insurance Corporation (FDIC) or National Credit Union Administration (NCUA) insurance,

•   Accessibility: As with any checking account, it’s easy to access your money from a senior checking account when you need it. You can usually make withdrawals in a variety of different ways, including at a branch with a teller, using a debit card at an ATM, writing a check, and making an online bank transfer.

•   Debit card: Typically, senior checking accounts come with debit cards which make it easy to pay for purchases without having cash on hand.

•   Direct deposits: Instead of waiting for paper checks in the mail, checking account holders can set up convenient direct deposits.

Cons of a Senior Checking Account

There are also disadvantages associated with senior checking accounts. Here are some to mull over.

•   Age requirements: Senior checking accounts often have age requirements. Depending on the bank or credit union, you may need to be 50-plus, 55-plus, or 62-plus.

•   Minimal interest: Some senior checking accounts offer interest. However, annual percentage yields (APYs) are generally low. You can likely get a significantly better return on your money by storing it in a high-yield savings account.

•   Minimum balance: Some senior checking accounts may require you to keep a minimum balance to avoid monthly maintenance fees or earn interest.

•   May not be better than a regular account: Many of the promoted perks of a senior checking account may also be available with a standard checking account.

•   Fees: While senior checking accounts tend to charge fewer or lower fees, they can come with account management fees, overdraft fees, and other fees

•   May get better perks with a regular checking account: If you keep a large balance in your checking account, you may be better off with a premium checking account, which could offer more perks and services than a senior checking account.

Things to Consider When Looking for a Senior Citizen Checking Account

Before opening a senior checking account, here are a few helpful things to keep in mind.

•   Convenience: Does the bank or credit union have enough branches and ATMs? Is their website easy to use? Do the bank’s customer service options fit your preferences?

•   Special services and features: Compare a few different senior citizen checking account options. What perks do they offer? Do these services and features matter to you? A free safety deposit box and a special rate on a CD won’t be useful if you don’t plan to use those products.

•   Minimum balance requirements: Does the account have a minimum balance requirement? Will this threshold be easy to meet? If not, you might end up paying a monthly maintenance charge.

•   Fees: Senior citizen checking accounts tend to have fewer fees than typical checking accounts. Still, it’s worth comparing the different fees each account charges. Consider overdraft fees, ATM fees, nonsufficient funds fees, as well as fees for services you may use, such as money orders or wire transfers.

Is a Senior Checking Account Worth It Over a Normal Checking Account?

It depends. Since there are numerous banking choices these days, including traditional banks and credit unions and online-only institutions, it generally pays to shop around and compare benefits and perks of different checking accounts.

As you shop around, keep an eye out for minimum balance requirements and monthly (and any other) fees. If a senior checking account will actually save you money, it could be worth it. If you could do better with a regular checking account, then you may want to skip the senior account.

How Can I Apply for a Senior Citizen Checking Account?

The process of opening a checking account for senior citizens is generally the same as opening a regular checking account. Here’s a look at the steps that are typically involved.

1.    Complete the application. You can generally do this either online or in person at a branch and will need all your basic information (including a government-issued photo ID, proof of address, and Social Security number).

2.    Designate beneficiaries. Once your application is approved, you can choose a beneficiary for your account.

3.    Deposit funds. If an opening deposit is required, you can typically do this by transferring funds from another account (either at the same or a different bank) or using a check, cash, or a debit card.

If you plan to close your other checking account, you’ll want to wait until all outstanding payments and deposits going in or coming out of that account have cleared. Also be sure to change any online bill payments and direct deposits from your prior checking account to your new checking account.

Recommended: How To Switch Banks in 3 Easy Steps

The Takeaway

Senior checking accounts generally come with benefits tailored to older adults, such as lower fees, higher interest rates, and additional perks like free checks or discounts on services.

If you’re over a certain age, prefer traditional banking services, and value these benefits, a senior checking account could be worth it. However, if you’re looking to switch your bank account, it’s wise to compare the features and fees of different accounts to determine which one offers the best value. Depending on your needs and goals, you might find that a checking account with no age requirements is a better fit.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

What is senior banking?

Senior banking refers to banking services and accounts specifically designed for older individuals, typically aged 55 or older. These accounts often come with features and benefits tailored to the needs of seniors, such as lower fees, higher interest rates, and additional perks like free checks or discounts on services. Senior banking may also include financial planning and retirement services to help seniors manage their finances more effectively.

What is the age restriction for senior checking accounts?

Depending on the bank or credit union, the age restriction for a senior checking account may be age 50, 55, or 62.

What is the age limit for a senior citizen bank account?

The age limit for a senior bank account can vary depending on the financial institution. In general, senior bank accounts are available to individuals who are aged 55 or older. However, some banks may offer senior accounts to individuals as young as 50, while others may set the age limit at 62 or older. It’s best to check with the specific bank or credit union to determine the age requirements for their senior banking products.

Photo credit: iStock/Deagreez

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SOBK-Q224-1874427-V1

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Apr
30
2024
Having a Savings Accounts on Social Security Disability

Are You Allowed to Have a Savings Account While on Social Security Disability?

By | Budgeting & Goals, Family Finances, money | Comments Off on Are You Allowed to Have a Savings Account While on Social Security Disability?

If someone is applying for disability benefits, they may be relieved to learn that, yes, you can have a savings account while on Social Security disability. While there are certain financial factors that can disqualify someone from Social Security eligibility, having a savings account is not one of those factors.

But of course, there are some subtleties to be aware of with any benefits matter, so it’s important to take a closer look. Among the points to learn are the difference between SSDI (Social Security Disability Insurance) and SSI (Supplemental Security Income), who is eligible for Social Security disability benefits, and what the guidelines are for having a savings account while receiving benefits.

What Is Social Security?

There’s a reason the Social Security program is so well known: It has been providing financial support to Americans for many decades. Social Security benefits are designed to help maintain the basic well-being and protection of the American people. These benefits have been around since the 1930’s in response to the economic crisis caused by the Great Depression.

Today, one in five Americans currently receive some form of Social Security benefits — one third of those are disabled, dependents, or survivors of deceased workers. More than 10 million Americans are either disabled workers or their dependents.

💡 Quick Tip: Help your money earn more money! Opening a bank account online often gets you higher-than-average rates.

Can I Get Social Security Disability Insurance or Supplemental Security Income with a Savings Account?

You may be thinking you can’t have that kind of asset if you want to qualify for Social Security Disability funds. However, it is indeed possible to receive Social Security Disability Insurance (SSDI) or supplemental security income if you have a checking or a savings account.

Even better, it doesn’t matter how much money is held in that account. There are other program requirements that must be met to qualify for SSDI, but how much money someone has or doesn’t have in the bank isn’t one of them.

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No account or overdraft fees. No minimum balance.

Up to 4.00% APY on savings balances.

Up to 2-day-early paycheck.

Up to $2M of additional
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Eligibility for SSDI

In order to be eligible for SSDI benefits, the individual must have worked in a job or jobs that were covered by Social Security and have a current medical condition that meets Social Security’s definition of disability. Generally, this program can benefit those who are unable to work for a year or more due to a disability.

It provides monthly benefits until the individual is able to work again on a regular basis. If someone reaches full retirement age while receiving SSDI benefits, those benefits will automatically convert to retirement benefits maintaining the same amount of financial support.

Eligibility for SSI

If you receive Supplemental Security Income (SSI), however, there is a limit on how much you can have in savings. SSI is a federal support program that receives funding from the type of taxes known as general tax revenue, not Social Security taxes.

This program provides financial support to help recipients cover basic needs such as clothing, shelter, and food. It provides aid to those who are aged (65 or older), blind, and disabled people who have little or no income (or limited resources). To qualify, participants must be a U.S. citizen or national, or qualify as one of certain categories of noncitizens.

What You Have to Tell SS about Your Assets if You Want Benefits

There are certain assets (in this case, they’re known as resources) that must be disclosed in order to qualify for benefits through the SSI program. Typically, to receive benefits, one can’t own more than $2,000 as an individual or $3,000 as a couple in what the SSA deems “countable resources.” However, there aren’t any such limits in place for the SSDI program.

The value of someone’s resources (aka their financial assets) can help determine if they are eligible for Social Security benefits. If a recipient has more resources than allowed by the limit at the beginning of the month (when resources are counted), they won’t receive benefits for that month. They can be eligible again the next month if they use up or sell enough resources to fall below the limit.

Eligible resources can include:

•   Cash

•   Bank accounts (checking account, regular savings account, growth savings account; whatever you have)

•   Stocks, mutual funds, and U.S. savings bonds

•   Land

•   Life insurance

•   Personal property

•   Vehicles

•   Anything that can be changed to cash (and can be used for food and shelter)

•   Deemed resources

The term “deemed resources” refers to the resources of a spouse, parent, parent’s spouse, sponsor of a noncitizen, or sponsor’s spouse of the Social Security benefits applicant.

A certain amount of these deemed resources are subtracted from the overall limit. For example, if a child under 18 lives with only one parent, $2,000 worth of deemed resources won’t count towards the limit. If they live with two parents, that amount rises to $3,000.

Recommended: What are the Different Types of Savings Accounts?

How Much Can I Have in My Savings Account and Receive SSI or SSDI?

For the SSI program, the total resource limit (which includes what’s in a checking account) can not be more than $2,000 for an individual or $3,000 for a couple. Again, there are no asset limits when it comes to the SSDI program. If someone is applying for the SSDI program, they can surpass that $3,000 limit, and it won’t matter as it doesn’t apply to them.

SSA Exceptions and Programs

Not every asset someone owns will count towards the SSI resource limit (remember, there is no such limit for the SSDI program). For the SSI program, there are some exceptions regarding what counts as a resource. The following assets aren’t taken into consideration:

•   The home the applicant lives in and the land they live on

•   One vehicle—regardless of value—if the applicant or a member of their household use it for transportation

•   Household goods and personal effects

•   Life insurance policies (with a combined face value of $1,500 or less)

•   Burial spaces for them or their immediate family

•   Burial funds for them and their spouse (each valued at $1,500 or less)

•   Property they or their spouse use in a trade or business or to do their job

•   If blind or disabled, any money they set aside under a Plan to Achieve Self-Support

•   Up to $100,000 of funds in an Achieving a Better Life Experience account established through a State ABLE program

The Takeaway

When applying for Social Security benefits, having a savings account may or may not impact your eligibility. It depends on which program you are applying for. It is possible to have a savings account while receiving SSDI benefits. It’s also possible to have a savings account while receiving SSI, but there are limits regarding how much the value of the applicant’s assets (including what’s in their savings accounts) can be worth to qualify for support.

If you happen to be in the market for a savings account, take a look at your options.

Interested in opening an online bank account? When you sign up for a SoFi Checking and Savings account with direct deposit, you’ll get a competitive annual percentage yield (APY), pay zero account fees, and enjoy an array of rewards, such as access to the Allpoint Network of 55,000+ fee-free ATMs globally. Qualifying accounts can even access their paycheck up to two days early.

Better banking is here with SoFi, NerdWallet’s 2024 winner for Best Checking Account Overall.* Enjoy up to 4.00% APY on SoFi Checking and Savings.

FAQ

How much money can I have in a savings account while on Social Security?

Personal assets aren’t taken into account, including savings, when applying for the SSDI program. For SSI, however, countable resources (including savings accounts) are capped at $2,000 for individuals and $3,000 for couples.

Does Social Security look at your bank account?

That depends. If someone is applying for Supplemental Social Security Income (SSI) benefits, their personal assets are taken into consideration when it comes to eligibility. With Social Security Disability Insurance (SSDI), applicant assets aren’t taken into consideration.

What happens if you have more than $2,000 in the bank on SSI?

If you have more than $2,000 in the bank and are on SSI as an individual (more than $3,000 if you are part of a couple), you will not receive benefits for that month. Your finances will be evaluated the following month to see if your assets have fallen and you therefore qualify.

Does Social Security check your bank account every month?

Money in the bank doesn’t affect Social Security disability benefits. However, there is a $2,000 to $3,000 limit (varies by household) for the SSI program.

Photo credit: iStock/MicroStockHub

SoFi® Checking and Savings is offered through SoFi Bank, N.A. ©2024 SoFi Bank, N.A. All rights reserved. Member FDIC. Equal Housing Lender.
The SoFi Bank Debit Mastercard® is issued by SoFi Bank, N.A., pursuant to license by Mastercard International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

SoFi members with direct deposit activity can earn 4.00% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a recurring deposit of regular income to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government benefit payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, or are non-recurring in nature (e.g., IRS tax refunds), do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. SoFi members with direct deposit are eligible for other SoFi Plus benefits.

As an alternative to direct deposit, SoFi members with Qualifying Deposits can earn 4.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant. SoFi members with Qualifying Deposits are not eligible for other SoFi Plus benefits.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.00% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 12/3/24. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

This article is not intended to be legal advice. Please consult an attorney for advice.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

SOBK-Q224-1862157-V1

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Apr
24
2024

Retiring With Student Loan Debt

By | Preparing for Retirement, Student Loans, student_loan | Comments Off on Retiring With Student Loan Debt

Congratulations on being ready to retire! You’ve spent a lifetime working hard, and it’s just about time to sit back and relax.

Before you do, though, you’ll want to make sure you can afford to retire. If you have outstanding debts, these could put a damper on your plans.

If you’re still paying your student loans, you probably are wondering: do you have to pay student loans after retirement? And if so, how does that debt negatively impact your plans to retire?

Keep reading to learn more on paying back student loans in retirement, including options for forgiveness and how to save money on your loans.

Paying Back Student Loans After Retirement

You’ve been saving for retirement for years, and you’re ready to reap the rewards…except you’ve got student loan debt hanging over your head.

Student loans, just like any kind of debt, are financial obligations you must take care of. If not, you risk negative marks on your credit report.

If you’re planning to retire soon, make sure to factor that monthly student loan payment into your budget, as you will still be obligated to make your payments in retirement.

Pros of Paying Back Student Loans After Retirement

The first benefit to paying off student loans after retirement is keeping your credit report squeaky clean. When you pay your loan each month, the positive behavior of an on-time payment and a reduction in your debt is reflected on your credit report. This could help your score rise, which could help you qualify for better interest rates on mortgages, personal loans, and credit cards.

Also, you want to pay off your student loans as quickly as possible to minimize the interest you pay. The sooner you pay off the loan, the less interest you’ll pay overall.

And of course, clearing any debt you have will leave you with more disposable income. Take a cruise with a loved one, pay off your house, or do anything else you’ve always dreamed of doing in retirement!

Cons of Paying Back Student Loans After Retirement

Things get tricky when it comes to student loans and retirement. Because you now have a limited income, it may be challenging to make those monthly payments or to pay off the loan in its entirety.

However, just like the benefit to paying back your loan was positive marks on your credit report, skipping payments or making late payments could have a negative impact on your credit.

And making those payments to your student loan will limit what you can afford to spend your money on. You may have to defer some of your retirement plans until your student loans are paid off.

At What Age Can You Stop Paying Student Loans?

Unfortunately, there is no age when you can stop paying your student loans. Retirement has no impact on the requirement for you to pay off your student loan debts, and your monthly payment will continue to be due each month until the loan is paid off.

Student Loan Forgiveness Options

There are several student loan forgiveness programs offered by the U.S. Department of Education. One is the Public Service Loan Forgiveness, which forgives student loans for professionals who work in public services (teachers, government employees, and nonprofits, for example). There are also income-driven repayment (IDR) plans that also may qualify for loan forgiveness.

Check with your student loan account holder to see if you qualify for any loan forgiveness options.

Options for Paying Off Student Loans During Retirement

When it comes to student loans and retirement, the sooner you pay off your loan, the sooner you can enjoy retirement. It’s important to get a plan for how you’ll pay off your student loan when preparing for retirement.
Start with a student loan calculator so you know how much you owe and how much you’ll pay in interest over time. Then, explore the following options.

Lump Sum

If you can afford to do so, pay off your loan all at once. You’ll cut out the interest you would have paid if you paid it out over time, and you’ll immediately have access to more monthly disposable income since it won’t be going toward a monthly loan payment.

Consolidate Your Loans

If you have multiple student loans from different providers, consider student loan consolidation. With this option, you combine multiple federal student loans into one new loan with one new monthly payment. The interest rate is typically the average of the interest rates on the loans you’re consolidating. While consolidating student loans streamlines your monthly payments, it typically won’t save you money overall.

Note: You can only consolidate federal student loans that qualify. You aren’t able to consolidate private student loans.

Refinance Student Loans

If you have private student loans, or a combination of federal and private loans, you might want to consider refinancing your student loans. This involves taking out a new loan you can then use to pay off your outstanding student loans. Ideally, you’ll receive a lower interest rate or shorten your loan term.

Keep in mind, though, that if you refinance federal loans, you lose eligibility for federal benefits, such as income-driven repayment plans and student loan forgiveness.

Student Loan Refinancing Tips from SoFi

If you go the refinancing route, be sure to shop around for the best rate. The better your credit, the lower the interest you may qualify for. But not all lenders are the same — some charge origination fees and other fees that can add up. So it’s worth a little effort to find the best lender for you.

Even though your finances may be limited in retirement, it’s important to prioritize your student loan debt. This may mean cutting out luxuries for a while until the debt is paid off.

And if you haven’t yet retired, consider continuing to work a little longer so you have the means to pay off your student loans before retiring. It may seem like a major sacrifice to work another year, but you’ll be glad you did when you’ve completely wiped out your student loan debt!

Take control of your student loans.
Ditch student loan debt for good.

The Takeaway

Student loans and retirement may not go hand-in-hand, but you’re far from alone if you’re still struggling with your debt when you’re ready to retire. The important thing is to get a plan for paying it off, either all at once or over the shortest period possible.

One way to reduce your student loan debt is to refinance your student loans. By refinancing, you may be able to secure a lower interest rate or shorter loan term, enabling you to pay off your debt faster.

With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.

FAQ

Do you have to pay back student loans when you retire?

Yes, you are still responsible for paying back student loans, even in retirement.

How many years do you have to pay student loans?

There is no limit to how long you have to pay off student loans, but be aware that the longer it takes you, the more you will pay in interest.

Does your student loan get written off at 50?

No, your student loans do not get written off or canceled at any age.

Photo credit: iStock/maruco

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

SoFi Student Loan Refinance
SoFi Student Loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891. (www.nmlsconsumeraccess.org). SoFi Student Loan Refinance Loans are private loans and do not have the same repayment options that the federal loan program offers, or may become available, such as Public Service Loan Forgiveness, Income-Based Repayment, Income-Contingent Repayment, PAYE or SAVE. Additional terms and conditions apply. Lowest rates reserved for the most creditworthy borrowers. For additional product-specific legal and licensing information, see SoFi.com/legal.


SOSL1023021

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Apr
23
2024
Buying a Multifamily Property With No Money Down

Buying a Multifamily Property With No Money Down: What You Should Know First

By | events, Growing Wealth, Home Ownership | Comments Off on Buying a Multifamily Property With No Money Down: What You Should Know First

Real estate investments make money through appreciation and rental income. Real estate can diversify a portfolio and act as a hedge against inflation, since landlords can pass rising costs to tenants. But the down payment on multifamily investment properties? At least 20%, or 25% to get a better rate.

It’s true that eligible borrowers may use a 0% down U.S. Department of Veterans Affairs (VA) loan for a property with up to four units as long as they live there. But those loans serve a relative few and are considered residential financing. Properties with more than four units are considered commercial.

So how can a cash-poor but curiosity-rich person tap the potential of multifamily properties? By not footing the entire bill themselves.

Key Points

•   Real estate investments offer potential income through appreciation and rental income, providing a hedge against inflation.

•   Eligible borrowers can use a 0% down VA loan for properties with up to four units.

•   Various financing strategies enable purchasing multifamily properties with little to no personal money upfront.

•   Options like finding a co-borrower, securing hard money loans, or obtaining seller financing can facilitate the acquisition.

•   Indirect investment methods include crowdfunding and real estate investment trusts (REITs), allowing participation without direct landlord responsibilities.

Can You Buy a Multifamily Property With No Money?

When you buy real estate, you typically have two options: Buy with cash or finance your purchase with a mortgage loan.

There are various types of mortgages. If you take out a home loan, you’ll likely need to pay a portion of the purchase price in cash in the form of a down payment. The minimum down payment you make will depend on the type of mortgage you choose — the average down payment on a house is well under 20% — and it will help determine what terms and interest rates you’ll be offered by lenders.

This money needs to come from somewhere, but it doesn’t necessarily need to come from your own savings account. When investors buy multifamily properties with “no money down,” it just means they are using little to no personal money to cover the upfront costs.

If you don’t have much cash of your own, there are several ways that you can fund the purchase of a multifamily investment property.


💡 Quick Tip: Jumbo mortgage loans are the answer for borrowers who need to borrow more than the conforming loan limit values set by the Federal Housing Finance Agency ($806,500 in most places, or $1,209,750 in many high-cost areas). If you have your eye on a pricier property, a jumbo loan could be a good solution.

6 Ways to Pay for a Multifamily Property

Find a Co-Borrower

If you don’t have the money to front the costs of a property yourself, you may be able to partner with a family member, friend, or business partner. They may have the money to cover the down payment, and you might pull your weight by researching properties or managing them.

When you co-borrow with someone, you’ll each be responsible for the monthly mortgage payments. You’ll also share profits in the form of rents or capital gains if you sell the property.

Give an Equity Share

You may give an equity investor a share in the property to cover the down payment. Say a multifamily property costs $750,000, and you need a 20% down payment. An equity investor could give you $150,000 in exchange for 20% of the monthly rental income and 20% of the profit when the property is sold.

Borrow From a Hard Money Lender

Hard money loans are offered by private lenders or investors, not banks. The mortgage underwriting process tends to be less strict than that of traditional mortgages. Depending on the property you want to buy, no down payment may be required.

These loans (also called bridge loans) have high interest rates and short terms — one to three years is typical — with interest-only payments the norm. For this reason, they may be used by investors who may be looking to flip the property in short order, allowing them to make a profit and pay off the loan quickly.

First-time homebuyers can
prequalify for a SoFi mortgage loan,
with as little as 3% down.

House Hack

House hacking refers to leveraging property you already own to generate income. For example, you might rent out an in-law suite or list your property on Airbnb.

Another option: You could rent out your primary residence and move into one of the units in a multifamily property you buy. This way, you’d probably generate more income than if you had rented out the unit to a tenant.

Finally, you could hop on the ADU bandwagon if you own a single-family home. Accessory dwelling units can take the form of a converted garage, an attached or detached unit, or an interior conversion. The rental income can be sizable. To fund a new ADU, homeowners may tap home equity, look into cash-out refinancing, or even use a personal loan.

Seek Seller Financing

If you don’t have the cash for a down payment on a property, you may be able to forgo financing from a lending institution and get help instead from the seller.

With owner financing, there are no minimum down payment requirements. Several types of seller financing arrangements exist:

•   All-inclusive mortgage: The seller extends credit for the entire purchase price of the home, less any down payment.

•   Junior mortgage: The buyer finances a portion of the sales price through a lending institution, while the seller finances the difference.

•   Land contracts: The buyer and seller share ownership until the buyer makes the final payment on the property and receives the deed.

•   Lease purchase: The buyer leases the property from the seller for a set period of time, after which the owner agrees to sell the property at previously agreed-upon terms. Lease payments may count toward the purchase price.

•   Assumable mortgage: A buyer may be able to take over a seller’s mortgage if the lender approves and the buyer qualifies. FHA, VA, and USDA loans are assumable mortgages.

Invest Indirectly

Not everyone wants to become a landlord in order to add real estate to their portfolio. Luckily, they can invest indirectly, including through crowdfunding sites and real estate investment trusts (REITs).

The Jumpstart Our Business Startups Act of 2013 allows real estate investors to pool their money through online real estate crowdfunding platforms to buy multifamily and other types of properties. The platforms give average investors access to real estate options that were once only available to the very wealthy.

REITs are companies that own various types of real estate, including apartment buildings. Investors can buy shares on the open market, and the company passes along the profits generated by rent. To qualify as a REIT, the company must pass along at least 90% of its taxable income to shareholders each year.

As investment opportunities go, REITs can be a good choice for passive-income investors.


💡 Quick Tip: To see a house in person, particularly in a tight or expensive market, you may need to show the real estate agent proof that you’re preapproved for a mortgage. SoFi’s online application makes the process simple.

The Takeaway

Buying a multifamily property with no money down is possible if you take the roads less traveled, including leveraging other people’s money. And if you have the means to make a down payment on a property, your first step is to research possible home mortgage loans.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.


SoFi Mortgages: simple, smart, and so affordable.

FAQ

Can I buy a multifamily home with an FHA loan?

It is possible to buy a property with up to four units with a standard mortgage backed by the Federal Housing Administration (FHA) if the buyer plans to live in one of the units for at least a year. The FHA considers homes with up to four units single-family housing. The down payment could be as low as 3.5%. There are loan limits.

A rarer product, an FHA multifamily loan, may be used to buy a property with five or more units. The down payment is higher. You’ll pay mortgage insurance premiums upfront and annually for any FHA loan.

Is a multifamily property considered a commercial property?

Properties with five or more units are generally considered commercial real estate. Commercial real estate loans usually have shorter terms, and higher interest rates and down payment requirements than residential loans. They almost always include a prepayment penalty.

Photo credit: iStock/jsmith

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.

*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

SOHL-Q224-1842703-V1

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Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or other eligible status, be residing in the U.S., and meet SoFi's underwriting requirements. Not all borrowers receive the lowest rate. Lowest rates reserved for the most creditworthy borrowers. If approved, your actual rate will be within the range of rates at the time of application and will depend on a variety of factors, including term of loan, evaluation of your creditworthiness, income, and other factors. If SoFi is unable to offer you a loan but matches you for a loan with a participating bank, then your rate may be outside the range of rates listed above. Rates and Terms are subject to change at any time without notice. SoFi Personal Loans can be used for any lawful personal, family, or household purposes and may not be used for post-secondary education expenses. Minimum loan amount is $5,000. The average of SoFi Personal Loans funded in 2023 was around $33K. Information current as of 2/26/24. SoFi Personal Loans originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org). See SoFi.com/legal for state-specific license details. See SoFi.com/eligibility for details and state restrictions.

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