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Several states don’t tax military retirement pay, while other states treat pension income differently than distributions from retirement plans such as 401(k)s or IRAs.
As long as their military pay is taxable on a federal income tax return, retired service members of the U.S. armed forces who are residents of Connecticut are exempt from paying state income taxes ...
Of the 16 that do tax military retirement pay, eleven of them only tax a portion of these benefits. The five remaining states, which fully tax your military retirement income, are California ...
Residents of Puerto Rico are required to pay most types of federal taxes. Specifically, residents of Puerto Rico pay customs taxes, [5] [6] [c] Federal commodity taxes, [6] and all payroll taxes (also known as FICA taxes, which include (a) Social Security, [8] (b) Medicare, [9] and Unemployment taxes).
The State, local government agencies, and the standard retirement fund provide the funds needed to balance the expenditures. The special retirement plan funds are largely in deficit. In 2006 €14.7 billion were paid out in pensions under the special retirement plan, whereas the contributions by workers were only €6.2 billion.
Before 1958, the U.S. federal government provided no pension or other retirement benefits to former United States presidents. Andrew Carnegie offered to endow a US$25,000 (equal to $789,310 today) annual pension for former chief executives in 1912, but congressmen questioned the propriety of such a private pension.
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