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Old 03-20-2009, 11:29 PM
 
Location: Western Bexar County
3,823 posts, read 13,143,984 times
Reputation: 1895

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Quote:
Originally Posted by Steel Man View Post
If I lived in Maine, I would be paying state income tax on about 31% of my retirement pay, added on top of my other working income. I guess Maine is OK if you don't make too much retirement pay (like under $21K).
Quote:
Originally Posted by forest beekeeper View Post
Then I am confuzzled.

You said that your pension is so large that you are in the 31% tax bracket.

Then you say that your pension is $66k/year.

In Maine you subtract the first $21k, leaving you with only $39k which is clearly no where near a 30% tax bracket....
I'm glad you're not doing my taxes.
I said I would be paying your state income tax on 31% of my retirement pay based on subtracting the $21K you stated. Then I said my working income would be added on top of the 31% of my retirement pay. I never mentioned any "tax bracket."
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Old 03-21-2009, 04:18 AM
 
Location: Lafayette, Louisiana
14,095 posts, read 22,989,917 times
Reputation: 7957
Not sure where you might want to retire but I know where you should not go to and that's Berkeley. The Marine Recruiting station just got vandalized with windows broken with hammers and then splashed with red paint just this past Wednesday according to the berkeleydailyplanet.com
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Old 08-05-2009, 07:44 PM
 
5 posts, read 39,634 times
Reputation: 11
Not Maryland....
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Old 08-05-2009, 09:00 PM
 
Location: San Diego CA
3,861 posts, read 2,912,981 times
Reputation: 6102
I was in the Marine Corps for several years but did not stay long enough to earn retirement. After working in the civilian sector and earning a pension I moved to San Diego where I had been stationed earlier. It's expensive but close to both I and my wife's families.
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Old 08-05-2009, 09:17 PM
 
Location: Sierra Vista, AZ
16,116 posts, read 20,169,281 times
Reputation: 8204
Sierra Vista AZ (FT Huachuca ) has been good for me. The climate is perfect never too hot or cold and not as dry as Phoenix. The majority of the population are either in the Army, retired from the Army, or dependents. All of the big contractors are here and business is booming.
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Old 08-05-2009, 09:39 PM
 
Location: Forests of Maine
29,741 posts, read 47,547,485 times
Reputation: 17595
Quote:
Originally Posted by Boompa
Sierra Vista AZ (FT Huachuca ) has been good for me. The climate is perfect never too hot or cold and not as dry as Phoenix. The majority of the population are either in the Army, retired from the Army, or dependents. All of the big contractors are here and business is booming.
Booming business is good for folks working.

The OP was about retiring though.

Areas with big booming business tend to be high cost-of-living. Which may be too expensive for us retirees.

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Old 08-08-2009, 04:02 PM
 
3,071 posts, read 7,577,238 times
Reputation: 2057
there are already enough retirees & transplants moving here, let alone the ones from ft bragg, seymour johnson, Camp Lejeune, or Cherry Point that just never leave


Quote:
Originally Posted by mm34b View Post
Some military, federal, state and local civil service annuities are state income tax-free in North Carolina.

Details - http://www.dornc.com/practitioner/in...06.pdf#page=29

Topography - Mountain, coastal or something in between living, take you pick. Sea level to 6,684 feet.

Climate - The average annual temperature at Southport, NC on the lower coast is nearly as high as that of interior northern Florida, while the average on the summit of Mount Mitchell is lower than that of Buffalo, New York, according to the National Climatic Data Center. Average winter snowfall over the state ranges from about inch per year on the Outer Banks and along the lower coast to about 10 inches in the northern Piedmont and 16 inches in the southern Mountains. Some of the higher mountain peaks and upper slopes receive an average of nearly 50 inches a year.

States With No Personal Income Taxes

Alaska
Florida
Nevada
New Hampshire (1)
South Dakota
Tennessee (2)
Texas
Washington
Wyoming

States Exempting Total Amount of Military & Civil Service Annuities

Alabama
Hawaii
Illinois
Kansas
Kentucky (3)
Louisiana
Massachusetts (4)
Michigan
Mississippi
New York
North Carolina (5)
Oregon (6)
Pennsylvania
Tennessee
Wisconsin (7)

(1) NH: 5% tax on interest/dividend income that exceeds $2,400 (single) or $4,800 (couple). $1,200 exemption for residents 65+, blind, or disabled prior to their 65th birthday.
(2) TN: Certain interest/dividend income taxed at 6% if it exceeds $1,250 (single) or $2,500 (couple).
(3) KY: Total amount is exempt only if retired before Jan. 1, 1998.
(4) MA: Tax rate on ordinary income including interest and dividends is 5.3%.
(5) NC: Annuities not taxed beginning with 1998 if individual had five years of government service as of Aug. 12, 1989.
(6) OR: Annuities of those who retired before Oct. 1, 1991, are not taxed. Those who retired after Oct. 1, 1991, are taxed only on that portion of the annuity attributable to government service after Oct. 1, 1991.
(7) WI: Full exemption if benefits received from a retirement account established before 1964.
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Old 08-08-2009, 09:21 PM
 
Location: Forests of Maine
29,741 posts, read 47,547,485 times
Reputation: 17595
Quote:
Originally Posted by macjr82 View Post
there are already enough retirees & transplants moving here, let alone the ones from ft bragg, seymour johnson, Camp Lejeune, or Cherry Point that just never leave
Not a complete listing there.
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Old 08-09-2009, 08:27 AM
 
3,071 posts, read 7,577,238 times
Reputation: 2057
^^^^^^^
I know, but Pope is basically part of Bragg, New River and all the rest around J'ville are basically part of Lejeune. There are others, but those four are the biggest/main ones.
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Old 08-09-2009, 09:07 AM
 
Location: Forests of Maine
29,741 posts, read 47,547,485 times
Reputation: 17595
Ooops sorry, I meant. When you were quoting that list of:
"States With No Personal Income Taxes"

and

"States Exempting Total Amount of Military & Civil Service Annuities"

It is not a complete list.

I retired to a state that is considered to be one that does tax our pension. However with their standard deductions and exemptions; a military pension is below the trip-wire for paying taxes.

We 'file taxes' but we do not pay taxes.

Focusing on states that do not have a income tax, leaves out the states that only charge income taxes on folks with incomes much higher than a military pension.

Does that make sense?

To see which states a military retiree could move to and avoid paying income taxes; you really need to look at each state individually.

We looked at which states had the worst long-term economy and lowest cost-of-living. A depressed local economy means that my pension 'looks' better. And as it turned out, we do not earn a high enough income to pay taxes. If folks raising families have been doing it for decades on minimum-wage burger-flipping wages; then my pension makes me about average there when compared to all my neighbors.
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