I love talking about money and I wanted to talk to you about some of my money goals over the next couple of decades. I'm 38 now and I have some goals that I'd like to meet at 40, 15, 60. So I wanna share them with you, kind of just to inspire you to think about your own money goals, your own financial future as the woman in your late 20s, early 30s, which is the majority of my audience here on TikTok. And maybe just give you an inspiration to kind of understand what is possible.
So I'm turning 38 this year, but by the time I'm 40, I want to have 100k in my pension pot. Well, that should be the case if I keep the pension that I'm contributing to my pension. And the reason why I'm working towards this goal is because when I have that money, that 100k in my pension, that's kind of like my coast number. FIRE is like financial independence, retire early. And coast FIRE is when you reach a certain number without having to contribute anything else over the course of like a number of years, that for me will be like 28 years, 30 years until I retire. That will compound and retirement number with you. Money. That for me will give me freedom. To potentially freelance, to become self-employed, to take sabbatical from the workplace to focus on my kids for a couple of years and just give me some financial freedom along way.
My second goal is I would like to have my house paid off by the time I'm 50. So in Ireland you can take uh 20% or up to 200 grand out of your pension, 50, when you're 50, as long as that came from, and me, I would like to use that money to pay off the rest of my mortgage. Be until I'm 67 or 68 and that will be past the age I plan to retire. I'd like to get rid of that early. And then whatever other money then that I would have spent on the mortgage, I can put towards something else. Maybe to bulk up my retirement, put towards travel. So many options at that point.
When I be 60, I would like to be a millionaire. So I would like to have a paid off house and for me that would provide me with a really, really comfortable retirement. So there's so many other people who speak about this much more eloquently and much more informed than I do. But when you think about retirement, you think about the 4% rule. So if I had a pot of a million euro and I took 4% out of that each year, which could be up to like 6% or 7%, that would give me 40 grand a year as my salary. And for me, that would give me a good life. Like that's sort of what we're working off at the moment. We're also paying our pension, our childcare, all those kind of things. I don't think I need any more than that. I think I would have a lovely lifestyle. I'd still be able to travel, eat out, obviously, inflation and things like that, that 40 grand won't be the same in 20 years as it is now. But for me, that would provide me really happy lifestyle. And I like free things. So that's why I'm like, I'm happy in that sense. As I say, I'm sharing this to inspire you to think about your financial future. We don't talk about money as women. We don't talk about retirement enough as women. So, you know, you can figure out as well, like really, I use Gemini quite a lot when I think about like my financial planning. It's a really simple way to do it. Obviously, you could speak to a financial advisor as well. But having, what's in your pension pot now, what it's likely to be when you retire, any adjustments that you need to make to get to a number that's a little bit comfortable. So those are my financial goals over the next couple of decades. Thankfully, they are achievable, like I've set myself up really well over the past couple of years and I continue to focus on my future as well as enjoying my present because I'm not just living for the future, I also have to enjoy every moment as it is.
