Tags: Retirement | retirement | Connecticut | veterans

Veterans Guide to Retiring in Connecticut

By    |   Saturday, 06 Jun 2015 10:19 PM

Transitioning from a military career can require several adjustments for retiring military veterans. However, retirement in Connecticut will present veterans with numerous supportive programs and services. In some instances, they will need to meet certain eligibility requirements, such as serving 90 days of active duty during defined periods of war. Here are a few state programs to help guide veterans in their retirement years.

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  1. State Tax Relief - The state has exempted only half of military veterans’ federally-taxable military retirement pay from the state income tax. However, the state’s Senate Democrats have recently attempted to change that with a plan that would give retired veterans a full exemption. According to the Senate Democrat’s press release, the current exemption only benefits 11,000 Connecticut veteran taxpayers. The revenue lost for the fiscal year 2014 was $3.9 million and $4 million in fiscal year 2015. Fully exempting the military retirement pay would double the amounts.
  2. Property Tax Relief - According to the Connecticut’s Legislative Commission on Aging, either an honorably discharged military veteran, who served at least 90 days during war time, or their survivors will receive a $1,000 property tax exemption from their municipality. The municipality may also give additional exemptions based on income. The amount exempted can reach $10,000 or 10 percent of the property’s assessed value. A disabled military veteran, or their surviving spouse, will receive a $3,000 property tax exemption from their municipality, but if the disability is severe they can receive a $10,000 property tax exemption and an additional exemption that’s determined by income.
  3. How Soon Can You Retire? Free Test Shows You When — Click Here

  4. Educational Opportunities - Many military veterans retire earlier than the traditional age of 65. The average active duty enlisted retiree is 43 years old and has 22 years of service, and the average officer is 47 years old with nearly 24 years of service at retirement, according to the Congressional Research Service. As a result, some veterans choose to sharpen their skills or pursue a new career. The state allows them to do so by offering tuition waivers at some of its public colleges and universities. In addition, the dependents of veterans accepted into an educational institution can waive their tuition, but the veteran must have been declared missing in action or a prisoner of war while serving in the armed services after January 1, 1960.
  5. Other State Services - The state offers other supportive services as well. Former prisoners of war and recipients of the Medal of Honor receive free motor vehicle registration and special plates. The Veterans’ Home at Rocky Hill provides a long term care facility with programs for dementia, respite care, assisted living, and hospice care. Also, an honorably discharged military veteran and their spouse may be buried at the veterans’ cemetery.
An Extremely Simple Way to Determine If You're Ready to Retire — Find Out Now

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Transitioning from a military career can require several adjustments for retiring military veterans. However, retirement in Connecticut will present veterans with numerous supportive programs and services.
retirement, Connecticut, veterans
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2015-19-06
Saturday, 06 Jun 2015 10:19 PM
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