When can I afford to retire?

It’s a question I hear often, not always because someone wants to stop working, but because they want options. The freedom to take a career break, change direction, or simply know they could retire without financial stress.

The answer? It depends, but the most powerful factor is forward financial planning.

Here’s what influences your financial freedom timeline:

Your lifestyle expectations: Champagne or Prosecco? Whatever your taste, your retirement should reflect it.

Your current resources: What you’ve saved so far and in what vehicles (e.g. pension versus cash versus personal investments).  How those assets might grow (or shrink) over time.

And of course one of my favourites, your pension strategy: In Ireland, pensions remain one of the most tax-efficient ways to build retirement wealth. Starting early gives you a serious edge.

Here we illustrate a potential future value of €100,000 pension starting at different ages on the run up to retirement at age 60. Figures are for illustrative purposes only.

But its not just about starting early its also about the choices you make both at the start and throughout your journey to when you can afford to retire.  It might even come earlier!  A €100,000 pension today could generate very different outcomes depending on your age and investment choices. A 32-year-old retiring at 60 might see vastly different results with a 4% vs 6% return—even without adding another cent.

That’s why investment decisions are key. Many people say “I’m putting money into my pension,” but few know how it’s invested. Is it the best fit for your goals? Is it working hard enough for you?

Two “medium risk” funds can behave very differently. One might outperform with less volatility. Another might lag behind or lose its edge over time. Minding your pension is one of the most important things you can do to afford the freedom you deserve.

#FinancialFreedom #IrishPensions #RetirementPlanning #MoneyMatters #CareerFlexibility #SproutPlans