Depending on your circumstances, you can indicate your social security benefits or retirement income as part of your income verification. This article will provide an overview of how applicants with certain income types outside of employment income can verify their income.
For information on all the possible methods of verifying income, see this article.
Social Security or Other Agency Benefits
If you receive benefits through the Social Security Administration or other agency and have an account through which you manage that income, you may be able to link directly to your benefits account in the Add Income step of the application.
To do this, click on the Benefits tab and select the corresponding agency or click on the search engine and type in the specific agency with whom you have an account.
Once connected, VERO will be able to access your available benefits income in order to provide a verified income stream.
If the provider of your benefits account is not an available option to link directly but you receive your payments to a bank account, you can connect the bank account where you receive these payments on the Add Accounts step. This is also helpful if you wish indicate available assets on your application, like IRA or 401k or savings accounts.
If this is not an option, you may be able to provide Financial Documents, like a 1099, on the Upload Documents step in order to verify your income. If the documents that you are able to provide are not ones that VERO can automatically process for income verification, your leasing team will be able to specify which documents they require for their review and how to submit them.
Retirement Income
If you are retired and receive retirement income from a benefits provider outlined above, directly linking is the easiest and fasted method to demonstrate your retirement income.
If you receive retirement income from a 401k or IRA or similar account, connecting to your financial institution through the Add Accounts step will enable you to connect all of the accounts from which you receive benefits and VERO will be able to identify regular retirement income into a bank account just as we would employer deposits.
Use the search bar to search for your bank, search for retirement account providers like Empower Retirement or Vanguard, or investment account providers.
Connecting to your financial accounts directly will also enable you to demonstrate additional non-income assets available to you like investment or savings accounts or the balances in your retirement accounts as part of the income verification portion of your application.
If connecting to your financial institutions is not possible you can provide financial documents, like a 1099, on the Upload Documents step in order to verify your income automatically. If the documents that you are able to provide are not ones that VERO can automatically process for income verification, your leasing team will be able to specify which documents they require for their review and how to submit them.