If you are a 1970s child, you’ll be waiting until at least 2038 in order to receive the State pension.

But by making some changes now and taking charge of your pension plan, you might not have to wait that long to stop working.

In fact, it’s possible to access pension savings from age 50 – or as soon as next year if you were born in 1970.

Hang on a minute…

Before you dive into that pension pot, some careful thinking is required.

Retiring early doesn’t happen by accident.  It requires a combination of early planning and strong savings levels over several years to make sure your financial position will remain strong for several decades.

Dipping in early means your pension funds have less time to grow, and need to stretch out over a longer retirement period.

So what can I do today?

Whatever your current pension position, there are several steps you can take to accelerate the date when you’ll be able to afford to retire early.

1. Start as early as you can

If you want to finish early, start early.  The power of your money compounding means that Because of investment growth, a contribution of €100 per month when you’re 20 can have the same impact as around €450 per month twenty years later.

It’s possible to start a pension with Moneycube from €100 a month

2. It’s how you invest as well as what you invest

Pension plans are not all the same.  To maximise your retirement pot, you’ll want to achieve the best combination of low costs, appropriate investment choices, and flexible terms.

For example, if you’re planning on retiring next year, you’ll want to invest your pension funds differently than if hanging up your boots is several decades away.

3. Get good quality financial advice

Good advice pays for itself.

Here at Moneycube, we’ve often helped customers drive down the cost of their pensions, increase their financial performance, and get better value from the tax benefits a pension offers you.

4. Plan for day zero

Optimising your pension doesn’t stop at retirement.  There’s loads you can do to improve your financial position in retirement, from investing wisely to maximizing your tax position.

Get in touch with Moneycube today to see how we can help you bring forward the day you retire.

By investing €400 a month you could save €27,900 in 5 years

Using our "Picture your money" tool, you can find out how your money could work for you.

Start now It only takes a minute to get started

Note: This is an initial indication to help you picture your money. Remember that with investments it is not possible to know for certain what returns you will achieve. Please note the investment warnings at the bottom of the page. This is the approximate before-tax return on an investment which grew at 6% over 5 years.