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Good morning. You really do not want to live in a state like Texas where the state revenue is generated by a property tax rather than an income tax because when you are retired, your income is less. Think of it this way...if you have a $1,000,000 that you have managed to save, if you put it in any other asset than a home, then you don't pay a tax on the asset itself, but if you put it in a home, you have a tax on it....it's like having a permanent mortgage. You are far better to move to a state like Florida and Nevada with no income tax, but that generates their revenue from tourism and don't need to hit the residents.
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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.
I'm so sorry for the delay...some pre-Christmas errands.
If you go to the following website, it will give you the lowdown not only on Alabama taxes and cost of living, but every other state as well.... http://retirementliving.com/RLstate1.html
Because I have 28 years with NBC our parent company GE will automatically retire me the day after the closing of the sale of NBC to ComCast. So I can receive my GE pension and still work full time in my current position at NBC once ComCast takes over. Providing they don't lay me off which is always a possibility!
My GE pension benefit has a personal & Voluntary pension account....
GE Pension Benefit monthly annuity is: $3,281.67 with a reg. supplement payable to age 62 of $376.47. (I will be 63 in May 2011).
Personal & Voluntary pension account:... If I convert the bal. to an annual annuity the monthly annuity is: $446.14 or if I take a withdrawal of the bal. it would be $69,754.15.
My comined GE retirement income if I convert my PPA/VPA would total a monthly annuity of $4,104.28 If I take a withdrawal of my PPA/VPA $69,754.15 monthly annuity would be $3,658.14
I contribute as of this date 12/24/10 $2,341.80 of my own money into my retirement account yearly, my salary as of this date is $150,682.30. My X Spouse of 23 years of marrage would receive approx. $640.00 a month until my death.
Yes, Thats it...It will not grow any further and is payable on 1/1/11 or when ComCast closes.
Merry Christmas to you and your family.
Thank you. XXXXX pension plan is specifically exempt from Alabama income tax. It is specifically on the list of pension plans exempt. See http://www.ador.alabama.gov/incometax/DEFINEDBEN.pdf
Thanks so much! And, Merry Christmas to you and your family as well! Take care Bob!