Tags: Retirement | retirement | North Dakota | veterans

Veterans Guide to Retiring in North Dakota

By    |   Wednesday, 10 Jun 2015 04:48 PM

Retiring from the military in North Dakota is different from retiring from other careers. For one thing, military retirees and veterans are generally younger than their counterparts from different careers. With so many extra years of retirement, the choice of where to settle down becomes a slightly more daunting decision. Sometimes, knowing the opportunities waiting for veterans in various states is one of the best ways to choose where to go. There are some important things that veterans considering retiring in North Dakota should know before making the plunge and moving to the state.

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First of all, North Dakota is considered one of the best states for veterans. WalletHub ranks the state as the eighth-best in the country for military retirees in 2015. Additionally, the site lists North Dakota as having the most job opportunities for veterans, and it says North Dakota has the most affordable housing behind only Iowa and Nebraska.

Unfortunately, North Dakota doesn't have the best tax deductions for military retirees. For basic income taxes, the Retirement Living Information Center reports that North Dakota allows up to $5,000 to be excluded from several pensions, including military. However, this sum can be reduced based on the amount of money awarded by Social Security. Other than this, there are no deductions specifically for military retirees.

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The good news, however, is that there are special deductions for those who are receiving or could receive disability status from combat injuries or for those who joined the military before September 24, 1975. Those who meet these requirements have broad exemption from North Dakota's income tax. Those with disabilities can also earn a Homestead Tax Credit so long as they own or rent a home in the state. Through this program, applicants can receive as much as $4,500 in credit for taxes.

However, there are some income restrictions for applicants to be eligible for this credit. The combined income of the immediate family members, meaning the applicant, a spouse, and any dependents, cannot be greater than $26,000 for the calendar year before being assessed for the credit. Further, the applicant's assets cannot exceed a value of $75,000. Although North Dakota may not offer as many financial benefits for military retirees as other states, it is still a great place for veterans overall.

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Retiring from the military in North Dakota is different from retiring from other careers. For one thing, military retirees and veterans are generally younger than their counterparts from different careers.
retirement, North Dakota, veterans
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2015-48-10
Wednesday, 10 Jun 2015 04:48 PM
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