Railroad pensions are not subject to taxation no matter where you reside, correct?Congrats dude.
I genuinely enjoy hearing about people getting to retire.
I’ll have a pension ready for me at 60. The railroad pays pretty well (not extraordinarily, but decent) and their retirement plan isn’t terrible.
Between my pension, and the half my wife gets, we’ll likely have enough to retire comfortably. Our separate 401k/403B accounts should afford us to play a little.
If I retired too soon and didn’t find a hobby, I’d probably drink myself to death out of boredom.
Congrats again man, and to the rest of you old ****s.
Railroad pensions are not subject to taxation no matter where you reside, correct?
Yes, once you begin drawing. I had heard the railroad pension was not subjected to state/local taxes. The Feds will always take a piece.Are you referencing taxation upon drawing the pension? If so, then as far as I know it is taxed on payment.
Someone in the office here said state tax, but not federal. Maybe that’s the situation.
(Sad, I don’t know shit about it other than they take a pretty good amount)
Yes, once you begin drawing. I had heard the railroad pension was not subjected to state/local taxes. The Feds will always take a piece.
I would get a copy or look up Publication 915, which deals with SS & RR retirement benefits.Railroad pensions are not subject to taxation no matter where you reside, correct?