Retirement Income
Social Security, pensions, annuities, and asset depletion — with continuance checks built in.
Retired and near-retirement borrowers draw income from several sources at once, and each has its own documentation and continuance rules. Social Security may be grossed up, pension income needs a continuance check, and asset-depletion income depends on eligible balances and the program's drawdown formula.
IncomeCalculator.com combines these streams into a single qualifying figure, applies the appropriate gross-up where allowed, and confirms that each source is likely to continue for the required period.
What to upload
- Social Security award letters and 1099s
- Pension and annuity statements
- Retirement account statements (IRA, 401(k)) for asset depletion
- Tax returns showing recurring distributions
How the calculation works
Inventory the income sources
Social Security, pension, annuity, and distribution income are each identified and documented separately.
Apply gross-up and continuance
Non-taxable income is grossed up where the program allows, and each source is checked for the required continuance period.
Calculate asset depletion
Where used, eligible balances are run through the program's drawdown formula to produce a monthly income amount.
Supported programs
Conventional, FHA, VA, and Non-QM. Asset-depletion income availability varies by program and is flagged accordingly.
Common questions
Can Social Security be grossed up?
Yes, where the program permits. The assistant applies the allowed gross-up and shows both the gross and net figures.
How is asset-depletion income calculated?
Eligible balances are divided by the program's drawdown term, after any required reductions, to produce a monthly figure.
Does pension income need a continuance check?
Yes. The assistant confirms the income is expected to continue for the period the program requires before counting it.