Retirement

by Mary
(GA)

When I retire in 2014 from teaching in Georgia at age 68, with just short of 33 years, will I have to pay taxes on my retirement? My pension will be about $3,100 a month.

Wendy: Yes, you will pay Federal Tax on your pension. I also found the Georgia state law on pensions and you can click to read it.

You won't pay a variety of deductions you now have, like Social Security, retirement deductions, deferred compensation, etc.

But YES, always taxes....

SIGN UP: Retirement Insider