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Learn From People Who 'Retired' Early

These people "retired" early by adopting a nontraditional lifestyle and using creative strategies.

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If you want to retire early but don't have enough financial resources, you can still turn your retirement fantasies into reality by learning from people who "retired" early. They didn't have sufficient financial resources to support themselves for a handful of decades without any income from working, but nevertheless they made more conscious choices about working and spending so they enjoy life and feel retired.

MORE FROM FORBESHow To Retire At 50 In 5 StepsBy Steve Vernon How I 'Retired' In My Early 50s

I was one of those middle-aged workers who was tired of the job stress, waking up to the alarm every day with a long commute ahead of me, and doing the same old thing at work for a few decades. In my late 40s, I dreamed of retiring at age 50, but once I ran the numbers, I realized full retirement wouldn't be possible at that age. Instead, to get out of the rat race of full-time work, I started working part time at age 51, then retired completely from my professional career as a consulting actuary at age 53.

At that time, I didn't have enough financial resources to support myself for four more decades with no income. So, I embarked on an encore career to help people with their retirement planning, earning just enough to cover our ongoing living expenses. That allowed me to let my Social Security benefits grow until age 70, when my benefits maxed out. My wife, who retired full time at age 60, and I have also let our 401(k) and IRA investments continue to grow; we're now both age 70 and plan to start tapping those accounts in the next few years.

Since my mid-50s, I've felt retired. I haven't had to put in a 40-hour week working for "the man" and can spend time pursuing my encore career. My wife and I have had more time to travel, enjoy daily treats like having coffee at the beach, and have avoided weekend crowds by shopping and eating out during the week. I've really enjoyed having more control over my schedule.

MORE FROM FORBESCreative Strategies To Retire At Age 50By Steve Vernon

Another important goal was that I wanted to wait to retire from my full-time professional job until my youngest child was almost through her college years; by that point, I'd have the remaining college expenses in the bank, so I wouldn't have to earn as much money. She's been out of school for 15 years now, and my plan worked out just fine.

Adapting From The FIRE Movement

One couple I helped was in their early 40s with three young kids. They had become interested in the FIRE movement (financial independence, retire early), but when they ran the numbers, they realized there was no way they could completely retire any time soon. Learning about FIRE, however, helped them make more conscious decisions about their work and their spending.

To help them reach their goals, they chose jobs that pay far below their earning potential, but they have relatively low stress and more free time compared to jobs that would earn them more money. They only spend money when necessary, owning only one old car. They live in a town-home community that's less expensive than a single-family community. One significant advantage is that their current community is full of other families, so their children can walk out the door and play with their friends.

To save money, they buy used clothing, toys, and books, or visit the local library to get free books to read. They're saving to send their kids to public colleges that cost far less than private schools, and they've developed a plan that will help them retire in their mid to late 50s.

The positive outcomes are, they have more time to be available for their kids and enjoy life. And they have a reasonable plan that will help them eventually realize their retirement dreams sooner than most workers.

Living The Wanderer's Life

Another couple I know were in their late 30s with high-stress professional careers and lived in a city with a high cost of living. As a result of the pandemic, they both switched to permanent remote work. After several months of working remotely, they realized they didn't need to be tied to the high-cost area where they lived.

Instead, they chose to live a life that many workers can only fantasize about—they now live on a boat and continue to work remotely from the boat as contractors. All they need is a stable internet connection and a location that allows them to be able to get to an airport without too much trouble when necessary. To supplement their earnings, they rented out the townhome they own and had been living in. They sold another rental townhome they owned and used the proceeds to buy their boat outright. They sold or gave away most of their stuff, so there's not much that ties them down.

They now have no mortgage payment and have significantly reduced their living expenses to match their income. They answer to nobody but themselves, they're having great adventures, all while maintaining the discipline to continue working. They don't have kids, which is necessary for their lifestyle.

While you may not want to live on a boat, it could be possible to have a similar lifestyle in a motorhome or by living in a low-cost dwelling such as a "tiny home."

In each of these examples, the people chose not to adopt a traditional retirement, one that comes with no income from working for the rest of their lives. Instead, they accepted reduced income for a lower-cost lifestyle that gives them the advantages of retirement. These lifestyle changes enabled them all to enjoy life more and feel "retired."

Early Decision Vs. Regular Decision

Early Decision I and II

If Boston College is your unequivocal first choice, then we would urge you to consider applying through Early Decision. We expect that your academic credentials, extracurricular engagement, and personal qualities will fit the profile of currently enrolled Boston College students.

Both Early Decision options are binding. If admitted through Early Decision to Boston College, you must immediately withdraw applications to other institutions and enroll at Boston College. You will be required to submit an Enrollment Confirmation Fee to Boston College within 10 days of receiving your admission offer.

Early Decision I and II vary only in terms of the deadline to apply. For Early Decision I, you must apply by November 1 and will learn of our decision by December 15. For Early Decision II, you must apply by January 2 and will learn of our decision by February 15.

Due to the binding nature of Early Decision, you are not permitted to apply to other binding Early Decision programs. You are permitted to apply to non-restrictive Early Action programs at other institutions.

As an Early Decision applicant, in addition to submitting the Common Application and required credentials, you must complete and submit the Common Application Early Decision Agreement form. This will be signed by you, your parent/guardian, and your school counselor.

Regular Decision

If you do not have a first choice college at the time you submit your application and/or if you would like to make your college decision after considering multiple offers of admission and financial aid, we encourage you to apply through Regular Decision.

Regular Decision is a non-binding admission process and the option used by most applicants to Boston College. If you apply through Regular Decision, you will learn of our decision by April 1. You will have until May 1 to make your decision and confirm your enrollment.

Regular Decision applicants who wish to be considered for our full-tuition, merit-based scholarship through the Gabelli Presidential Scholars Program must submit an application by the priority scholarship deadline of November 1. No separate application is required. Finalists will be notified of their status, along with an official offer of admission, by February 1. All other Regular Decision applicants will receive their admission decisions by April 1.

If you submit your Regular Decision application early, but later decide that Boston College is your first-choice college, you may convert your application to Early Decision II. Please complete and sign the Common Application Early Decision Agreement form and email it to the Office of Undergraduate Admission by January 8 to make this request.

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