Pension contributions by the company and the individual are tax deductible. The funds inside the plan grow tax deferred. Consequently when income is received from the plan it is taxable.
Retirement income planning often requires the assistance of professionals.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.
That is a great question! In most cases, your deductions from your check to fund the pension plan were taken out before being taxed. If that was the case, then all of the income you are receiving from it now is taxable. If your pension plan was funded with after tax dollars, then your income would be tax free. That is one of the great advantages of a Roth IRA, that when you need the cash, it's not subject to being taxed. I hope that helps, thank you for asking!
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Pension contributions by the company and the individual are tax deductible. The funds inside the plan grow tax deferred. Consequently when income is received from the plan it is taxable.
Retirement income planning often requires the assistance of professionals.
If you would like to work with a local Retirement Planner, you could start with a Google search. For example, if you search for: retirement planner Halifax or retirement planning Halifax, my name, along with several others, will come up. You can use the same method to find Retirement Planners in your community.
If you have further questions, or feel that I could be of assistance, please do not hesitate to contact me.