Proof of income is just that, evidence that you have money coming in. We are asked to prove our income for many reasons, but mostly to demonstrate our ability to pay off future loans. To be able to prove your income can help you better your finances, get a loan, or refinance into a better situation. For seniors on a fixed-income, whether they’re retired or not, do Social Security benefits count as proof of income? Mint, a product of Intuit, helps breakdown proof of income and how it works.
To answer the question, Social Security benefits do count as proof of income. The SSA uses a Social Security Benefit Verification Letter, which can legitimately state to a lender whether you receive benefits or not.
Why Do We Need Proof of Income?
This is important, as your Social Security benefits can help you receive a personal loan or even adjust your health care insurance. Health care is usually the highest expenses for many seniors, and a proof of income can help readjust payment policies to avoid breaking the bank. Additionally, many seniors work, opting to be semi-retired to help pay retirement expenses. If this is the case, you can prove income from tax records and letters from your employer.
Another reason we prove our income is to better qualify for a loan. Everyone’s retirement is different, and seniors looking to change their living situations may need financial assistance. Different states offer different living conditions and personal benefits and choosing where to live this next chapter is ultimately a very personal decision. Wherever you decide to live while retired, your benefits will follow, and can maybe help you upgrade your living situation with the right loan.
Social Security is income, but it is also a right. The Council for Retirement Security is fighting to protect that right, so every American can have proof of income when they need it.