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Old 08-06-2012, 03:42 PM
 
Location: Matthews NC
99 posts, read 275,328 times
Reputation: 63

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I am retiring and relocating to the Lower Charlotte area.How is the pension taxed? How much state tax is taken? Is it taken monthly?I would think so. I can not figure it out.
Obviously we are taxed federaly monthly ? Correct?
Is that determined on how many people we claim?
Sorry if I sound like an idiot !!!
Any information would be very helpful.
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Old 08-06-2012, 04:08 PM
 
5,150 posts, read 7,379,697 times
Reputation: 1442
If you don't get an answer I recommend you can NC DOR. Other resources:

Individual Income Tax

State-by-State Guide to Taxes on Retirees
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Old 08-07-2012, 08:47 AM
 
821 posts, read 1,746,810 times
Reputation: 620
Quote:
Originally Posted by PROFGH View Post
I am retiring and relocating to the Lower Charlotte area.How is the pension taxed? How much state tax is taken? Is it taken monthly?I would think so. I can not figure it out.
Obviously we are taxed federaly monthly ? Correct?
Is that determined on how many people we claim?
Sorry if I sound like an idiot !!!
Any information would be very helpful.

Have you checked with your union? I would think this would be information they would have, since we have a lot of former LEO's from the northeast who have moved south for the good life (taxes, withstanding). Welcome to Charlotte. If you are short on things to do after retirement, you might want to check with the CharMeck PD regarding serving as a reserve officer. The PD can always use the help and depending on your attitude toward retiring, it might help with the decompression that comes with a LEO or military job.
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Old 08-07-2012, 08:58 AM
 
Location: Union County
6,063 posts, read 9,439,691 times
Reputation: 5583
Our bus driver is retired NYPD... very popular for retired LEO moving to the area, so I would guess based on that it won't be "bad" for you.

Good luck with the move and feel free to post any other questions that pop up.
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Old 08-08-2012, 03:30 AM
 
Location: Matthews NC
99 posts, read 275,328 times
Reputation: 63
Quote:
Originally Posted by paulosfm View Post
Have you checked with your union? I would think this would be information they would have, since we have a lot of former LEO's from the northeast who have moved south for the good life (taxes, withstanding). Welcome to Charlotte. If you are short on things to do after retirement, you might want to check with the CharMeck PD regarding serving as a reserve officer. The PD can always use the help and depending on your attitude toward retiring, it might help with the decompression that comes with a LEO or military job.
LOL !! I have had a few offers and suggestions.I think im gonna decompress for a bit and catch up on my sleep.I get up at 3:00 am for work.So sleeping late is gonna be one of my pass times.I worked in a auto restoration shop building hot rods and restoring muscle cars so I am gonna look for something along those lines.I am also a big drag racer, so a job in a race car shop(building drag race cars) would be great.
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Old 08-09-2012, 01:58 PM
 
821 posts, read 1,746,810 times
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Quote:
Originally Posted by PROFGH View Post
LOL !! I have had a few offers and suggestions.I think im gonna decompress for a bit and catch up on my sleep.I get up at 3:00 am for work.So sleeping late is gonna be one of my pass times.I worked in a auto restoration shop building hot rods and restoring muscle cars so I am gonna look for something along those lines.I am also a big drag racer, so a job in a race car shop(building drag race cars) would be great.
In addition to sleeping in (that will last a week or two), the mechanical hobby/work sounds like a decent plan and there's plenty of opportunities in this area, as you already know. Good luck.
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Old 08-12-2012, 08:26 AM
 
3,914 posts, read 4,584,454 times
Reputation: 1272
Quote:
Originally Posted by PROFGH View Post
I am retiring and relocating to the Lower Charlotte area.How is the pension taxed?
Your pension will be taxed as income by the state and deductions, etc will be computed from your federal tax form. i do believe that NC allows for a few thousand of pension income to be exempt. More if it is a state pension.
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