Homeownership Program’s Definition of Retired
The programs definition of a “retired” household is aligned with Social Security policy and practice regarding retired individuals and the benefits for which they qualify. A household is considered to be retired if:
- At least one member of the household is age 65 or older (Social Security definition of “normal” retirement age);
- Greater than 50% of the household’s income is comprised of retirement funds (social security, pension, regular 401(k)/IRA withdraws, ect.); and
- The retired person(s) are not earning more than the annual social security permitted income cap from employment or contract income (“Earnings Test Annual Exempt Amount for Under Full Retirement Age”).