I am 56 years old. I plan on retiring at 60 from lockheed martin. Do I have to pay any taxes on my pension amount?

Do I pay 85% on SS amounts in excess of $44,000 (married,file jointly)?

Thanks for your help.

Pensions are typically taxable for federal tax purposes, unless you made after-tax contributions to your pension plan - in this case then the portion of your pension that consists of return of your after-tax contribution is non-taxable. But if your employer contributed all of the cost without including the cost in your taxable income then it is fully taxable.

And yes - if your joint income from sources other than SS plus 1/2 of your SS income is above $44K, then 85% of your SS benefits are taxable.

Whether any or all of your pension is taxable for state income tax purposes depends on what state you live in.