21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Georgia Retirement Benefits Plan
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US-CC-21-166
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FAQ
You are eligible to receive benefits upon reaching age 60. Once you reach 30 years of service or age 60, you are eligible for an immediate benefit without penalties.
Georgia is very tax-friendly toward retirees. Social Security income is not taxed. Withdrawals from retirement accounts are partially taxed. Wages are taxed at normal rates, and your marginal state tax rate is 5.75%.
Tax Benefits of Retiring in Georgia Social Security income in Georgia is not taxed. Withdrawals from retirement accounts and pensions (both public and private) in Georgia are only partially taxed. Anyone over 65-years-old can deduct up to $65,000 of retirement income.
Vesting is a legal term that means to earn a right to a future benefit. Though all Georgia public school education professionals are automatically enrolled into TRS, our members must be vested in order to be eligible for a future pension.
Tax breaks for retirees The main upside is Georgia's generous tax breaks for older residents. Those ages 62 to 64 can exclude up to $35,000 in retirement income (such as taxable annuities, pensions, interest, dividends and capital gains) from their state taxes. At 65, the deduction increases to $65,000.
The Georgia State Employees' Pension and Savings Plan (GSEPS) combines a traditional pension plan with a 401(k) plan that includes an employer match. The 401(k) plan offers flexibility and ?portability? and the pension plan rewards state career longevity.
A retirement exclusion is allowed provided the taxpayer is 62 years of age or older, or the taxpayer is totally and permanently disabled. Retirement income includes items such as: interest, dividends, net rentals, capital gains, royalties, pensions, annuities, and the first $4000.00 of earned income.
Currently, Georgia is a moderately tax-friendly state to retire in, with no taxes on fixed income, estate taxes, or inheritance taxes, which makes it an especially favorable state for estate planning.
