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

Product Information

The calculator determines the drawdowns from your account based pension required to achieve a steady income in retirement. Unless otherwise noted, investments are not deposits, insured by the FDIC or any federal government agency, or bank guaranteed and may lose value. https://www.citizensinformation.ie/en/money_and_tax/personal_finance/pensions/taxation_of_pensions.html 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.

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 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. Consider updating the projections provided by this model regularly, particularly if your circumstances have changed.

Pensions

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 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. Wage Inflation is used to inflate the following legislative and other factors throughout the projection: 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. Your projected account based pension balance is shown at 1 July after you reach the age indicated on the chart.

All ESB Pensioners in receipt of a pension from ESB Pension Scheme are required to sign the Annual Pensioner Declaration. It is an important control, required by our Auditors to guard against the possibility of fraud and to safeguard the Fund’s resources. 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. Spouses’ and children’s pensions cease on re-marriage or co-habitation in the case of members who joined ESB after 3rd November 1984. The Superannuation Committee may waive this provision in certain circumstances.

These fees represent costs relating to the management of your investments and are directly deducted from your account. 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'.