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

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Your projected income results are shown for the financial year beginning on 1 July after you reach the age indicated on the chart. For example the super balance shown for age 65 is the balance at 1 July after your 65th birthday. By advising of any changes as early as possible it avoids delays in receiving your payslip or your pension. 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. 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. 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

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.

Empowering what's next

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. 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 determines the drawdowns from your account based pension required to achieve a steady income in retirement. 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. 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'.

Your projected account based pension balance is shown at 1 July after you reach the age indicated on the chart. We make the following default assumptions about CPI inflation and Wage Inflation (which you can change under the Advanced Settings - Other section of the calculator): 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: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'.