Early Retirement: Could You Do It?

Updated : Sep 24, 2019 in Articles

Early Retirement: Could You Do It?


MORE THAN HALF OF AMERICANS ARE NOT SAVING FOR THEIR RETIREMENT. THAT IS PROBABLY NO SURPRISE BUT WHAT MIGHT BE IS WHO IS SAVING. IT IS MILLENNIALS. IN THIS ORIGINAL REPORT, FOR SOME THEIR GOAL IS TO RETIRE EARLY. VERY EARLY. HOW OLD WERE YOU WHEN YOU RETIRED? I WAS 32. YOU JUST WALKED AWAY? I JUST WALKED AWAY, YES. LEAVING BEHIND A SIX FIGURE CORPORATE CONSULTANT JOB, CARP SOLD HIS WEST LOOP CONDO AND TRAVELLED THE WORLD. WHAT WAS IT LIKE NO LONGER HAVING TO PUNCH THAT CLOCK? IT WAS A VERY UPLIFTING EXPERIENCE. GROWING TREND OF MILLENNIALS REDEFINING EARLY RETIREMENT. I WAS WORKING UPWARDS OF 70, 80 HOURS A WEEK. I SAID THIS ISN’T REALLY THE LIFE I WANT. HOW DID HE DO IT? BY SAVING 20% OR MORE OF HIS SALARY PLUS LIVING A FRUGAL LIFE LIKE 31-YEAR-OLD OFFICE MANAGER EBONY. YOU HAVE LITERALLY NOTHING ON THE WALLS. I TRY TO LIVE LIKE A VERY MINIMALIST LIFESTYLE. SHE RECENTLY PAID OFF $220,000 IN STUDENT LOANS IN JUST THREE YEARS. SHE DID IT BY USING HER AND HER HUSBAND’S COMBINED INCOME OF $98,000. I DON’T SPEND MONEY ON CLOTHES. SHE EARNED EXTRA MONEY BY RENTING OUT THIS CONDO HER PARENTS GAVE HER FOR A WEDDING GIFT. SHE AND HER HUSBAND THEN MOVED IN WITH FAMILY. SHE ALSO SAVES BY WALKING TO WORK. WORK IS FOUR MILES. IT IS A SHOWER AT MY JOB SO IT ISN’T BAD. IT IS REALLY QUITE IMPRESSIVE HOW IT IS DONE. IT IS NOT EASY. FINANCIAL PLANNER SHOWS TO RETIRE AT 30 AND SUPPORT YOURSELF TILL AGE 95 YOU WOULD HAVE TO SAVE $1 MILLION TO GET A MERE $30,000 A YEAR TO LIVE ON. YOU DO NEED TO SAVE FOR EIGHT YEARS. THEY WOULD BE HAVING TO SAVE $7,464 PER MONTH. THEY ARE GIVING UP A LOT. YES. HE AND HIS WIFE JUST HAD TWINS SO HE STARTED A PRIVATE CONSULTANT FIRM AND WORKS EVERY SO OFTEN TO SAVE FOR THE FAMILY’S FUTURE. EARLY RETIREMENT IS A LOT OFFY GOAL BUT FINANCIAL EXERTS SAY REALTY, MAJOR ILLNESS, LOSING YOUR JOB CAN DRAIN YOUR ASSETS AND — [ INDISCERNIBLE ]

5 Comments

  • I was 58 and 70. I am 74 and doing great, and I helped others. Two different jobs. SS and 2 pensions.

  • Typical mainstream media! Retiring at 32 is 'very early?' Having a 6-figure salary and saving only 20%? Living of a mere 30,000 a year? How much do you want it?? My salary is nowhere near 6 figures, I've had no property gifts from parents, I save 80%+ of my net income, I live off a quarter of that 30,000 a year, I cycle 12,000+ miles per year including commutes to my job – in Norway, throughout the winter. But I won't be hitting the headlines anytime soon as my head is down grafting.

Leave a Reply

Your email address will not be published. Required fields are marked *