Pension Tax

[bimmerman]

Hi, we are planning on retiring in Georgia. I do have a question for the tax experts. I understand that Giorgia is phasing out the pension tax. Is this true? I'm retiring on 2 out of state pensions and my military pension. Any help would be appreciated.

[topretirementseditor]

Your information is correct. This is what we say on our mini guide to Georgia retirement page (we have one for every state):
http://www.topretirements.com/state/georgia.html

Retirement income for people over 62 is exempt up to $35,000 per person, although beginning in 2012 almost all non-working income will be exempt (all will be exempt by 2016). (See Governor signs relief for retired people). Social security income is exempt. Property tax collections are below the national average. There are a variety of property tax homestead exemptions at the state and local level, based on income and age. For more information on taxes go the Georgia Department of Revenue; or for Georgia property taxes.https://etax.dor.ga.gov/IndividualTaxHome.aspx?ContentId=IndividualTaxes

[bimmerman]

That is great news. I did go to the Georgia Gov site but their tax guide is from 2010. I should have mentioned that I be 55 when I retire. Thanks again.