By Mary Burke BA (HONS), QFA RPA
A couple I worked with not long ago had everything a financial planning textbook would applaud – no debt, solid pensions, a clear estate plan. Yet when it came to stepping away from work, the question wasn’t “how much”, it was “what now?”
It’s a moment we see often – when the maths says yes, but the mind says not yet.
When “Enough” Doesn’t Feel Like Enough
For this couple, both in their early 60s, the spreadsheets and our financial planning software told a reassuring story.
Their income projections were strong, the pension pots were well funded, and their lifestyle costs were realistic.
But underneath the numbers was hesitation. They kept saying, “We just don’t feel ready.”
That feeling has very little to do with figures. It’s the emotional side of financial planning – shaped by habit, identity, and quiet uncertainty about what comes next.
After decades of saving and striving, switching from accumulation to enjoyment can feel like a loss of purpose.
Work has given structure and meaning for years – and suddenly, the next chapter looks wide open.
The Real Bias: Over-Accumulation
Many of Ireland’s most financially capable people fall into a similar pattern.
They’ve worked hard, made good decisions, and built strong assets. But they find it hard to move from building to using.
We call this the over-accumulation bias. It’s the subtle fear that if you start drawing down on your nest egg, the safety net might disappear.
So instead of feeling released, people stay cautious – holding back on travel, gifts, or lifestyle upgrades they could easily afford.
The irony is that they’ve often already achieved what they were working towards. But the mindset of scarcity hasn’t caught up with the reality of sufficiency.
The Turning Point: When Numbers Become Narrative
When I sat with that couple, we didn’t start by reviewing funds or returns.
We asked one question: “What kind of life do you want to fund?”
At first, they hesitated – because that’s not a financial question, it’s a personal one.
Then, slowly, they began to describe their vision: a few more trips to Italy, helping their eldest buy a home, staying in their community, and having the freedom to work part-time if they chose.
When we mapped those priorities back onto their plan, everything clicked.
They could see their money in motion – not as a static pile, but as a tool for living well.
That shift – from “Will it last?” to “How do we use it well?” – is where confidence lives.
Why Emotional Readiness Matters
In Ireland, we often understate financial emotion. We plan in calculators and spreadsheets, not in feelings.
But the truth is, retirement is as much a psychological transition as a financial one.
We see it in many forms:
- Professionals who keep working long after they can afford to stop.
- Savers who over-protect cash and deposits and underuse pensions.
- Couples who quietly worry about being a burden later in life, even when they’ve planned responsibly.
Most hesitations around money stem from emotion, not arithmetic – and that’s completely natural.
The goal of good planning isn’t just to prove “you’ll be grand.” It’s to give you the confidence to live fully, without second-guessing yourself every time you spend.
The Shift: From Accumulation to Alignment
The next phase of wealth isn’t about how much you have – it’s about how it supports your values, relationships, and daily peace of mind.
When you understand how your money translates into stability and opportunity, you stop asking “Will I have enough?” and start asking “Am I living the life I actually want?”
That’s the real measure of readiness.
And it’s why we encourage regular reviews – not because the markets demand it, but because life does.
Does This Resonate?
If you’re wondering whether your plan will feel right when the time comes – not just on paper, but in practice – that’s a good sign.
It means you’re thinking beyond numbers, towards quality of life.
Let’s map that out together. You can schedule a Quick Chat here: Book a Quick Chat
For personalised advice on pension and retirement planning – or to explore any aspect of your financial strategy – you can arrange a Quick Chat with the O’Leary Financial Planning team.
Alternatively email us at advice@olearys.ie
for more information.
Disclaimer: This content is for informational purposes only and does not constitute financial or legal advice. Always seek professional guidance before making decisions.