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Q346: How is my monthly VA pension affected with my net worth? Also if I have a mortgage on my town house is that considered my net worth, is it not owed to the bank?
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A1: This is what the VA considers in net worth: Net worth is the sum of a claimant's or beneficiary's assets and annual income. You should report all of your net worth. For purposes of entitlement to VA pension, the net worth limit effective December 1, 2018 is $127,061. Your primary residence and four acres does not count in your net worth but if you have anything else, property wise, it counts. (DS) 1/22/20
A2: Income usually is not considered as an asset which affects your net worth. I have attached a link which may help. Your net worth is determined by assets minus debt. https://www.masslegalhelp.org/income-benefits/tafdc/advocacy-guide/part4/q63-the-difference-between-income-and-assets (RL) 1/22/20
A3: Social Security income, a retirement income, counts toward the amount of pension you can draw. There is a dollar amount that you can't go over if you are on a pension. If you can qualify for disability is a far better route to go then a pension. To many things affect that's where disability adds to your income. (GR) 1/22/20