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

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These fees represent costs relating to the management of your investments and are directly deducted from your account. Your projected account based pension balance is shown at 1 July after you reach the age indicated on the chart. We assume that the indirect costs are charged as a % of your balance are charged mid-year on average. The calculator applies the minimum drawdown rules annually to your drawdowns from your account based pension each year which may result in a higher income being paid to you in some years.

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. The calculator works for people aged up to 80 years. A date of birth more than 80 years before today's date will show as an 'invalid date'. 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 70By advising of any changes as early as possible it avoids delays in receiving your payslip or your pension. 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. https://www.citizensinformation.ie/en/money_and_tax/personal_finance/pensions/taxation_of_pensions.html Wage Inflation is used to inflate the following legislative and other factors throughout the projection:

The calculator determines the retirement income such that your account-based pension account will last until the 1 July after you reach the age your super is set to run out. You can select the age you want your super to run out in 'Advanced settings - Other'. 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 Surviving spouses’/civil partners normally qualify for a contributory widow/widower/surviving civil partners pension from the Department of Social Protection. The Pensions Office will write to your spouse/civil partner, when advised of your death, and will provide all the necessary information to help them at that difficult time. 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. 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.The results from this calculator are based on the limited information that you have provided and assumptions made about the future. The amounts projected are estimates only and are not guaranteed. 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 please 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.