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Old 06-28-2011, 11:46 AM
 
11 posts, read 25,649 times
Reputation: 17

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I just heard that there are some unreal rules in Colorado for people who are close to their retirement age. My parents are afraid to move to Colorado because someone told them they will not be eligible for their retirement in a few years since they have not worked in Colorado for so many years in order to qualify for benefits! I thought that was some fairy tail, aren't we still in the United States??? - I was pretty sure Colorado still is . Has anyone heard anything about that? Thank you!
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Old 06-28-2011, 11:53 AM
 
11,715 posts, read 40,451,929 times
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Social Security is a Federal program. States can elect to tax the benefits though.
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Old 06-28-2011, 12:08 PM
 
26,212 posts, read 49,044,521 times
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No state can deny anyone their Social Security payments.

COLO exempts taxpayers from state income tax for the first $20k of retirement income for each person age 55 and up, i.e., $40k is exempt from state income tax if both are 55+ and both had at least $20k EACH in retirement income. That's a pretty good deal, especially since taxes here are rather low to start with.
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Old 06-28-2011, 12:13 PM
 
11 posts, read 25,649 times
Reputation: 17
Thank you for your replies! That's great! I am glad Colorado still belongs to US i thought the comment my parents heard was hilarious but wanted to double-check.
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