I have planned for retirement as long as I can remember!
I distinctly remember walking into the Royal Bank in Calgary meeting with a retirement planner the same week I started my Telecom career in 1996.
I remember opening an RRSP (Registered retirement savings plan) which is equivalent to an American 401K.
Tax sheltered money was explained for the first time at 24!
I remember asking, “I have to wait until 62 to retire”? He laughed and said it will be a lot older by the time you are ready to retire. It is now 67+ for full retirement!
My next question, what do I need to do to retire early?
Diversify was the distinct answer!
This is something everyone should be doing at a young age.
Compound interest is the key to making money work for you long term.
If you read my blogs, you will notice that I bring up my Mom. I learned so much from her (good and bad) and often use her as an example.
She worked so hard, endured so much loss but absolutely nailed retirement.
She was a snowbird for almost 20 years until she passed at 84.
For me, it ultimately came down to diversification—just like I had been told that day in Calgary over 30 earlier.
di·ver·si·fi·ca·tion
The process of becoming more diverse or spreading risk across multiple areas rather than relying on a single source. Financial advisors tell us not to put all our eggs in one basket.
10-18% of my paycheck directly into a tax sheltered retirement for retirement.
Take advantage of the full Company match as it is free money.
Bought and and sold rental properties for early pre-retirement.
No mortgage.
Planned a modest pre-retirement and retirement life.
I also never had children or married as marriage is the number one cause of divorce. So many men pay alimony and child support and have lost everything.