When Can I Afford to Retire? How We Help You Find Your Freedom Date
What Is a ‘Freedom Date’ – and Why Does It Matter?
Retirement used to mean a fixed birthday, 60, 65, or whatever your employer decided. Today, that traditional idea has evolved. Retirement is no longer an age; it’s a financial milestone, your freedom date.
Your freedom date is the point at which work becomes optional rather than essential. It’s when you can confidently say, “I have enough to live the life I want.”
The question is: What would financial freedom look like for you?
For some, it’s early retirement and travel; for others, it’s reducing hours or changing careers. Whatever your version, identifying this point is the first step towards taking control of your future.
How Do You Know If You Can Afford to Retire?
The question “When can I afford to retire?” is one of the most common we hear from clients.
Retirement today can last 25–35 years, potentially as long as your working life. Understanding how much you’ll need depends on your goals, lifestyle, and how your spending might evolve. Building a clear financial map of your journey helps reveal what’s possible and what may need adjusting.
To start, the PLSA Retirement Living Standards provide helpful income benchmarks for a “minimum,” “moderate,” and “comfortable” lifestyle. However, remember that these are only guidelines. Your retirement will be as individual as you are.
Another simple benchmark is the 4% withdrawal rule, which suggests you could sustainably withdraw around 4% of your invested assets each year. While this rule is debated and should always be tailored to your specific circumstances, it can provide a sense of what your savings might yield as income.
What Factors Determine Your Retirement Date?
“How can a financial planner help me choose the right retirement age?”
Before we can answer that, it helps to picture what the different stages of retirement might look like for you:
The ‘Go-Go’ Years – The active phase at the start of retirement, when you may travel, explore new hobbies, or spend more time with family and friends.
The ‘Slow-Go’ Years – The middle years, when life becomes more local and routine-focused.
The ‘No-Go’ Years – Later life, when health, support, and stability become higher priorities.
Once we understand your expected lifestyle trajectory, a financial planner can assess your current savings, pensions, and investments and project what income they could sustainably provide. They’ll also help structure your plan in the most tax-efficient way possible, ensuring your money lasts as long as you do.
At that stage, the conversation naturally turns to whether your target retirement date is achievable or whether adjustments could bring it forward.
What If You’re Not Quite There Yet?
“Can small adjustments today make a big difference to your future?”
Absolutely. If your current plan doesn’t quite align with your preferred freedom date, your financial planner can model ways to close the gap.
That might mean:
Increasing pension contributions, perhaps via salary sacrifice.
Making use of unused ISA or pension allowances.
Reviewing investment strategies to align risk and growth potential.
Reducing unnecessary costs or rethinking spending priorities.
Even small, consistent changes today can bring your financial freedom several years closer.
How Ifamax Helps You Find Your Freedom Date
At Ifamax Wealth Management, we’ve been helping individuals and families plan and enjoy their retirement for over 20 years. Our role is to help you define, visualise, and achieve your version of financial freedom.
We integrate the findings from the FCA’s recent thematic review on retirement advice into our planning process to ensure robust, client-centred outcomes.
Our approach includes:
Cashflow forecasting to model future income and expenses.
Scenario testing (“what if” modelling) to explore different retirement ages or lifestyle goals.
Tax-efficient income planning to help you preserve and pass on your wealth.
Ongoing reviews to adapt your plan as life changes.
Ultimately, our goal is to provide clarity, confidence, and peace of mind, so you can focus on enjoying life, not worrying about money.
A Plan That Gives You Clarity and Confidence
Knowing when you can afford to retire isn’t just about numbers — it’s about freedom, choice, and confidence. With the right advice and a clear plan, you can look ahead to retirement with certainty and excitement rather than anxiety.
Ready to find your freedom date?
Book a retirement planning consultation with one of our Bristol-based financial planners today.
Risk warning
This article is distributed for educational purposes only and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily the Firm and does not represent a recommendation of any particular security, strategy, or investment product. Reference to specific products is made only to help make educational points and does not constitute any form or recommendation or advice. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed.