I have been made to understand that here on my country, pensioners pensions are not taxable. They don't pay tax tonthe government from their pension unlike when they actually pay taxes when they were actively collecting salaries
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What's tax free here is the government pension that is similar to the social security pension in the US. But for other pension plans built up in an insurance company I think the monthly pension is tax free depending on the category. There are pension policies that are tax paid which was included in the monthly premium.Any amount of money given to retirees after years of service isn't subjected to tax paying anymore. They've paid their own part when they were in active service.
I plan to retire at the age of 60 and start collecting pensions every month.
I want to know if my pension fund is regarded as a taxable income. Will money be deducted from my pensions as tax or not.
You're right.Taxes aren't deducted from pensions, that would never be done anywhere because you are no longer working. Though the taxes may be removed indirectly from your bank through bank charges.
I don't really know much about what you've just said, as a matter of fact I don't really know how pension works in my country, but I believe the government deduct it from people's salary.Nobody's pension will be taken from it, in my opinion.
because tax is deducted from government employees' paychecks.
Due to the fact that retirees have no other means of earning money in the future, this law of taxation does not apply to pensions.
The majority of their needs are met by their pension.
I don't think that a retiree paid pension, because all the issues of taxes and other levies are being taken care off by the agencies that manages their pension funds,such levies are not put directly on the pensioners.Tax is paid by pension scheme management not individually but if at later time the money is invested in any business,then the money as become a taxable income automatically,since the money will be increasing.