How I Was Able to Retire at Age 49

by : The Hoss

Retired at Age 49 and Proceeded to Live a Life of Leisure

Yes, this is true. At the age of 49 I was able to retire and devote my life to doing what I wanted whenever I wanted. Believe me when I say what a great way to live. Ok, you say what was the secret of your success? Did you inherit a fortune? Are you a professional athlete? Did you set and adhere to a budget? Did you set financial goals?

None of the above, a combination of good advice, correct decisions and a little luck was the perfect mixture for baking my financial cake and eating it too.

Let me explain how this all came about. I worked for a company with a retirement plan. Early in my career ( 1966) the Canadian Government (did I forget to mention I am Canadian) instituted a national pension plan. Our company then gave us the choice to opt out of the company plan which to me seemed like a good idea. Why pay into two pension plans? To this day I do not know why but I decide to seek the counsel of an older respected employee. He said son what ever you do stay in the company plan, some day you will thank me for telling you to do this. Again I do not know why but I heeded his guidance and stayed in the company plan. The Government plan was not optional so I was in that also. Ok that was the good advice.

As for the correct decisions I made and there where many but the what I want to mention here is that at age 21 rather than renew my mortgage (I had bought a house with my parents) I paid of the outstanding balance. No mortgage, no rent. I made this choice because after five years of mortgage payments and very little coming off of the principal it was just a no brainer. Why give the mortgage company all that interest? Ok, Ok I hear you where did you get the money to pay of your mortgage. Living in the same house as my parents I was able to save enough money (even though while saving it I had no idea what I was going to do with it) to completely pay off the mortgage.

The lucky part of the equation came into effect in 1992 when my company decided to downsize. I held a senior management position and was offered a package which because of my company pension plan of which I was still a member (thank you Charlie) enabled me to retire with a respectable salary at the ripe old age of 49

So here I am now 64 years old collecting a company pension, a Canadian pension and in a few weeks Old Age Security (in Canada Hey). Not only all this but now the Canadian Government allows private pension plans to be split with a spouse which results in a significant tax saving. As my mother would say isn't live grand.