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RetireSMART!: How to Plan for a Tax-Free Retirement

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Do not rely solely on this calculator to make decisions about your retirement. There may be other factors to take into account. Consider your own needs, financial situation and investment objectives. You may wish to get advice from a licensed financial adviser.

Only your retirement income from your account-based pension is included in projected results. Income from the government age pension or any other investments is not included. When you receive the Declaration please complete it and have it witnessed by one of the persons listed. If on receipt you have any queries regarding the Declaration pleaseThe calculator determines the drawdowns from your account based pension required to achieve a steady income in retirement. In addition to your benefits from the ESB Pension Scheme there are a number of benefits provided by the State for which you may qualify. You are automatically entitled to a number of these benefits when you reach the age of 70 No allowance is made for any other tax. In particular, if you receive a benefit amount before age 60 no allowance is made for any income tax payable. By advising of any changes as early as possible it avoids delays in receiving your payslip or your pension. We assume the dollar per annum administration fees are charged mid-year on average and will increase with Wage Inflation each year and that the administration fees charged as a % of your balance are charged mid-year on average.

If you contributed for a spouses’ and children’s pension your legal spouse/registered civil partner will receive your full pension rate for the first four weeks after your death. After that time, they will receive a pension of 50% of your pension and if you have eligible children a pension will also be payable to them.We assume the dollar per annum adviser fees are charged mid-year on average and will increase with Wage Inflation each year and that the adviser fees charged as a % of your balance are charged mid-year on average. At Empower, we want to make it easier to manage your finances and give you the right tools to take smart steps toward your goals. With the Empower mobile app you can manage all your Empower accounts—anytime, anywhere—including your retirement plan, investment accounts, health savings accounts and more. Since deciding to retire early in 2015, Tisco (mainly in the guise of Mike Denton with support from James Smith) have been of great assistance in helping me to decide what to do with the pension fund that I had with in the form of two GPP's and a Section 32 with Aegon / Scottish Equitable. After a number of meetings (both before and after my actual retirement), phone calls and correspondence to establish my exact requirements, a comprehensive report was produced by Tisco with a recommendation to transfer the funds into a new SIPP with Aegon Retirement Choices (ARC). A further meeting was held to review the report and agree on the actions required. The proposed transfer was then initiated by Tisco and I pleased to report that, since the transfer was actioned, I have seen growth of over 3% in the past 4 months.

Your projected account based pension balance is shown at 1 July after you reach the age indicated on the chart. This calculator assumes that all assumptions remain steady and predictable over time. These assumptions are essential so the calculator can show the effect of things you may be able to control, such as choosing a different investment option.There is a lot to consider when comparing investment options between funds. Risk and return objectives and asset allocation within investment options may differ between funds and should be taken into account when comparing funds. Tax Wage Inflation is used to inflate the following legislative and other factors throughout the projection: This calculator cannot predict your final superannuation benefit or level of retirement income with certainty because this will depend on your personal circumstances, unexpected life events, the age pension paid, investment earnings, tax and inflation.

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