Wednesday, February 1, 2012

Cashing in on the American Dream: How To Retire at 35 by Paul Terhorst (Book Review)

I never quite thought of retiring at the age of 35, I am 32 now, so that would only give me 3 more years to beef up my savings. I've heard of people retiring on a minimal income and moving to a place where cost of living is much cheaper than Toronto, where the average house price is almost $500k. Moving to a cheaper city is definitely a must if I plan to retire early.

I found this great review over at my money blog on how to retire at 35. People are actually doing this, they're retiring at a very early age rather than waiting until they're 65. Or even later depending on their financial situation. They are reducing their expenses and living way below their means. Imagine the freedom of retiring in your 30's. Most people are just getting comfortable in their career and not even thinking about retirement. This review has completely changed my mindset. I am so use to the word retirement being associated with the age 65. My mind has been conditioned to think that you can only retire when you're much older. But the truth is you can retire whenever you want.

Being in the banking industry I hear about people working well into their 70's. Usually because they've mismanaged their money and need to work to pay off debt.

At what age could you comfortably retire at?

Cashing in on the American Dream: How To Retire at 35 by Paul Terhorst (Book Review)


Randall said...

I used the retirement calculator at to estimate that I could retire at 56/57, but that is still much older than I would like. I think I need to focus on reducing my current living expenses, both because that gives me more money to invest and also reduces the size of the next egg I need before I can retire. I'm looking for a cheaper place to live right now.

Shondell said...

I would ideally like to retire before 56 as well. Thanks for that link, I am going to check it out.