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Old 06-23-2011, 09:05 AM
 
Location: Matthews NC
99 posts, read 275,014 times
Reputation: 63

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We are definitely moving down there very soon(as soon as we find a house)We are looking in Union and Mooresville.How much is the NYPD pension taxed in NC? I keep asking my old partener but he is all over the place.Although he has not worked in over a year.He just golfs.He was a Sgt with the money but never got to top pay.
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Old 06-23-2011, 09:13 AM
 
1,661 posts, read 3,105,500 times
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It will be taxed at as income in NC. See this.

http://www.instafile.com/state-incom...h_carolina.asp

There are also various state and local sales taxes, property taxes, highway use tax, and fees that should be called taxes.

NC isn't a retiree friendly state when it comes to taxation.

Last edited by yantosh22; 06-23-2011 at 09:22 AM..
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Old 06-23-2011, 09:16 AM
 
Location: South Beach and DT Raleigh
13,662 posts, read 22,330,038 times
Reputation: 13945
Quote:
Originally Posted by yantosh22 View Post
It will be taxed at as income in NC. The brackets are pretty simple. NC is not a tax friendly state for retirees.

Tax Bracket (yearly earnings) Tax Rate (%)
$0+ 6%
$12,750+ 7%
$60,000+ 8%
At least this retiree is getting a pension.
Those are things of the past for almost everyone working now. I'd gladly pay taxes if someone would give me a pension when I retire....Alas, that's not going to happen.
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Old 06-23-2011, 09:18 AM
 
Location: South Beach and DT Raleigh
13,662 posts, read 22,330,038 times
Reputation: 13945
Quote:
Originally Posted by yantosh22 View Post
It will be taxed at as income in NC. The brackets are pretty simple.

Tax Bracket
(yearly earnings) Tax Rate (%)
$0+ 6%
$12,750+ 7%
$60,000+ 8%

NC is not a tax friendly state for retirees.
It all balances out. If you retire to a "tax friendly state" like Florida, Tennessee or Texas, they just get their money via enormous property taxes.
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Old 06-23-2011, 09:28 AM
 
1,661 posts, read 3,105,500 times
Reputation: 550
Quote:
Originally Posted by rnc2mbfl View Post
It all balances out. If you retire to a "tax friendly state" like Florida, Tennessee or Texas, they just get their money via enormous property taxes.
Most tax burden states rank NC in the low 20s out of 50 states (where lower number means higher taxes) In this area SC would be much better as it ranks 30. This is an average for the entire state and obviously it will be worse in the urban areas where some of the highest taxes are found in NC. SC also allows for a significant portion of pension income to be excluded.

There is a 100% exemption of pension income if it comes from a NC government or military pension fund. Every one else gets $4000 or $2000 depending on the situation.
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Old 06-23-2011, 01:07 PM
 
Location: NC
6,032 posts, read 8,732,293 times
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must be nice to retire at 50 with 150k year pension.....
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Old 06-23-2011, 01:30 PM
 
Location: Mooresville, NC
1,865 posts, read 5,126,740 times
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Quote:
Originally Posted by Suncc49 View Post
must be nice to retire at 50 with 150k year pension.....
Is that what the OP said he was getting? I didn't read that anywhere.

To the OP, all but $4k of the NYPD pension is taxed. Good Luck with your move!
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Old 01-10-2013, 05:58 PM
 
Location: Matthews NC
99 posts, read 275,014 times
Reputation: 63
Quote:
Originally Posted by Suncc49 View Post
must be nice to retire at 50 with 150k year pension.....
50 ? More like 46 !I could of retired at 44 but padded it a bit more! Oh Lt. for 10 years ! Not 150k but up there and enough pension to not have to work anymore !
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Old 01-12-2013, 05:39 PM
 
Location: New Jersey
197 posts, read 210,981 times
Reputation: 416
I am retired Lt. from NJ. Been going down to the Lk Norman area exploring for several years. We will be making a permenant move as soon as wife can retire in three years. Last trip I spoke with a financial advisor. here are the facts.
Your PD pension is taxable after the first 4000.00/ Thats all the tax break you get, but coming from where we live, you will save an enourmous amount of property taxes and have a much nicer place to live.
For Suncc49, try working NY or NJ in a PD for 25 or more years. Anything gained in retirement is more than earned. Think otherwise? Come on up and apply for a PD job. If you can qualify. Don't even get me started....
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Old 01-13-2013, 05:34 AM
 
7,126 posts, read 10,956,037 times
Reputation: 2590
Quote:
Originally Posted by ipdsharkey View Post
Anything gained in retirement is more than earned. Think otherwise? Come on up and apply for a PD job. If you can qualify. Don't even get me started....
You were paid for what you did when you agreed to work a civil job. Clearly the bennies were part of the package. It's not really "more than earned", IMHO, it's what was expected for the job, and what you are now going to receive because of a strong union.....right or wrong?
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