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

Product Information

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. Your projected account based pension balance is shown at 1 July after you reach the age indicated on the chart. 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. 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.

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.

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. The calculator determines the drawdowns from your account based pension required to achieve a steady income in retirement. These fees represent costs relating to the management of your investments and are directly deducted from your account. 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.

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. 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. 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 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. Unless otherwise noted, investments are not deposits, insured by the FDIC or any federal government agency, or bank guaranteed and may lose value.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'. Consider updating the projections provided by this model regularly, particularly if your circumstances have changed.

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. Empower’s award-winning mobile app can help you take control of your finances today. You can easily register an account, proactively manage your money, access intuitive resources to build your financial confidence—and so much more. 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 70The 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'. We assume that the indirect costs are charged as a % of your balance are charged mid-year on average.