I had always planned
to retire early. Originally I had
planned to retire at the age of 58, however after a few heart attacks, you tend
to reevaluate things in your life a bit.
I worked one more year after that and during that time I got all my
ducks lined up in a row and did some major planning and financial calculating.
If I had stuck
to my original plan I knew I’d be able to do it if I was super thrifty those
first two years. For me that was
entirely worth it to be able to retire early.
After all the health issues I had in 2021 I quickly realized that if I
didn’t do something different I may not make it to my retirement date. Instead I decided to be super, super thrifty
for three years and I retired on April 1, 2022. Looking back I can tell you
it was the best decision I could’ve made.
Prior to
retirement I filled up my pantry and deep freezer, stockpiled my LTFS and stocked my linen closet with toilet paper, tissues, toiletries, housekeeping supplies and laundry products. During the year
leading up to my retirement I lived very frugally and put away as much as I
possibly could into savings. I set
budgets and set aside money for things I knew I’d need to take care of or projects
I had planned to finish in that first year.
I did everything I could to prepare and be ready.
This year I will
turn 60 in September and I celebrated my 59½ years this past March which means
I have full access to any of my retirement accounts without penalties for early
withdrawal. My plan for the next year is
to continue to live as I’ve been doing for the previous two and not touch any
of those accounts. Instead I am using
those funds to invest and grow my wealth.
The current rate of inflation (the cost of goods and services) has
impacted all of us. It has meant more
belt tightening and making any necessary changes to stay within those budgets I
set for myself before I signed my papers at work and left my job. I need to protect my wealth and make sure my
retirement plans continue.
Let's see where this takes us!
Now I am
embarking on my final year of super, super thrifty living and I’m really happy
to have all of you along with me on this journey. It really helps to have the support of
friends and other likeminded individuals.
I know I am not alone. We can
totally do this!
This is super impressive!!! I'm constantly inspired by how you plan, come up with creative ideas, and work hard.
ReplyDeleteThank you Brooke. XX
DeleteYou have done a wonderful job. I'm 57 and do not have solid plans yet when I will retire. For the last couple of years though I have focused on paying everything off, stocking up and saving as much money as possible. I figure doing all I can to put things in place will be a great asset once I do decide to retire.
ReplyDeleteDoing as much as you can ahead of time makes it so much easier to start off with.
DeleteYou’ve done a great job! If you don’t want to answer don’t but prior to this new job were you living off savings?
ReplyDeleteI had already set aside funds to be used for what I needed the first three years plus I have an emergency fund. I do keep those funds in my savings account and parcel them out each quarter of the year.
Delete👏👏👏
DeleteYour retirement journey has been inspiring to me! I am 58 and officially applied for my August 1st early retirement yesterday. It is exciting and scary at the same time if that makes any sense. Frugality, using a lot of your tips by the way, and becoming completely debt free is the reason I am able to take this step. It was hard at times but definitely worth the sacrifices. Cheers to your 2 year retirement anniversary!
ReplyDeleteAngela :)
Congratulations Angela! It was both exciting and scary for me too, but I am so glad I did it. I am so happy for you!!! XX
DeleteI hope you have figured out a good time to begin taking social security. I have not checked but someone told me that they now base you social security on you last years worked. Now that you are working part time that could really impact your payout. Nancy in Vancouver WA
ReplyDeleteI have. This link will tell you how they actually compute your SSI. https://www.ssa.gov/oact/cola/Benefits.html#:~:text=Social%20Security%20benefits%20are%20typically,are%20paid%20to%20an%20individual.
DeleteI've been so impressed with your journey, and also how you prioritized your health and well being after your heart attack. Well done!
ReplyDelete-Hawaii Planner