MOAA's Never Stop Serving Podcast
State Tax Update- Exempting Military Retired Pay and Pensions
You did it! A well-earned military career has come to a close; you have faithfully served 20 or more dedicated years to our nation. The time has come, and you now receive a monthly retired check from good old Uncle Sam each month. You can now sit back, relax, play a few rounds of golf and live off that retired check... right?
Well, for most retired service members, the answer is no, and for most retired service members, that retired pension gets taxed at both the federal and state levels. However, there are a few states that even though they have an income tax, they exempt military retired pay and pensions, which can be a real added benefit and cost savings, not only to the military member and their families but it becomes a value-added benefit to the state.
Listen to Olivia Nunn speak to retired colonels Jeri Graham and Lee Lange, both of whom are MOAA members who advocate in helping to get all 50 states to exempt military retired pay and pensions. Find out why that's important for not only the military member but for the state and the economy.
You did it! A well-earned military career has come to a close; you have faithfully served 20 or more dedicated years to our nation. The time has come, and you now receive a monthly retired check from good old Uncle Sam each month. You can now sit back, relax, play a few rounds of golf and live off that retired check... right?
Well, for most retired service members, the answer is no, and for most retired service members, that retired pension gets taxed at both the federal and state levels. However, there are a few states that even though they have an income tax, they exempt military retired pay and pensions, which can be a real added benefit and cost savings, not only to the military member and their families but it becomes a value-added benefit to the state.
Listen to Olivia Nunn speak to retired colonels Jeri Graham and Lee Lange, both of whom are MOAA members who advocate in helping to get all 50 states to exempt military retired pay and pensions. Find out why that's important for not only the military member but for the state and the economy.