NBR | Ready for Retirement | Replacement Income Interview
PBS Airdate: May 26, 2008 www.pbs.org this extended version of an interview from the “Get Your Finances Ready for Retirement” Memorial Day special, NBR anchor Paul Kangas asks Cecil Hemingway of Aon Consulting and Laurence Kotlikoff of Boston University about retirement income and replacement ratios. “Get Your Finances Ready for Retirement” is a year-long series designed to help soon-to-be and recent retirees make the financial transition from work life to retirement life. Look for the latest retirement segments to appear on the web on alternate Tuesdays of every month. For more information visit: www.pbs.org
Video Rating: 5 / 5
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Question by TEL3: Is there a new law exempting military retirement income in the state of Ohio?
I have heard that the state of Ohio passed legislation that military retirement is no longer taxable income. Is this true and where can I find this information? Thank you.
Best answer:
Answer by Gojira
Many states were forced to pass those laws, like here in Arkansas because state retirement is tax free and us military folks thought it was unfair for us to pay taxes on our government checks.
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Social Security will be around…it’s just HOW and WHO get’s us there….tax increase on the wealthy 1% or more free market ideals…..also, there are many alterations that can be had on the current system: 1.) income derived from investments for high income recipient will reduce their benefit for that year 2.) Raise cap earnings subjet to FICA
I have no evidence for this but if you are under 40 and think you are getting one penny of Social Security when you retire then I can’t help but think you are deluded. =)
Kiss your Golden Years goodbye before you even get old. And don’t wonder where all your Social Security $ went, that you have been paying all your life, supposedly to be returned when you are old and retire.