Young and Retired
In the age of doomspending, these ultra-driven Torontonians give up their weekends, work multiple jobs and never, ever eat out. The upside: they’re scrimping and saving their way into retiring decades before the average Canadian
The term “doomspending” says it all. Jobs are scarce, the cost of living is rocketing skyward and many young Canadians are spending like it’s the end of days. They figure they’ll never be able to afford a house in Toronto, so why bother saving for one? Might as well splurge on that expensive concert ticket or fancy night out and live it up while they’re still young enough to enjoy it.
Despite facing the same financial realities, a small but growing cohort are bucking the doomspending trend. They’re super savers, and they’re evangelizing extreme austerity, long-term planning and wise investments. By juggling multiple jobs, forgoing any expense not deemed absolutely necessary and squirrelling away the majority of their incomes, they’re angling to retire in their early 50s, 40s or even 30s—up to 35 years before the average Canadian. Some have done it already. The sacrifices are extreme—no eating out, no weekends off—but to them, it’s worth it. Here, they tell us what it takes to retire young.
“Most days, I work more than 16 hours”: This marketing specialist is doing everything she can to retire at 30
The price of early retirement? Multiple full-time jobs, lugging work laptops to family get-togethers and chronic stress headaches
“People say a kid costs $17,000 a year. We’re doing it for $6,000”: This couple didn’t let parenthood keep them from early retirement
The authors of Quit Like a Millionaire share how they managed to quit work at 32
“I’ll never, ever spend $25 on a cocktail”: How one downtown resident is enjoying the city on a budget
Living in King West may seem like a sure-fire savings drainer, but this AI content writer still plans to retire at 50
“The idea of a life where I’m not chained to a job is a great motivator”: This tech start-up director is on track to retire at 45
Investment properties, no vacations and a salary in US dollars are helping him save aggressively
“I think about money all the time”: How this savings-obsessed couple plans to retire at 50
A dental hygienist and a tech product manager share their financial-planning strategies
“I believe my journey is easily replicable”: An engineer who retired at 40 shares his savings and investment strategies
The subprime mortgage crisis turned out to be a golden opportunity for a fortunate few
Big Stories
Andrea Yu is a freelance journalist based in Toronto. She reports on a wide variety of topics including business, real estate, culture, design, health, food, drink and travel. Aside from Toronto Life, her writing has appeared in the Globe and Mail, Chatelaine and Cottage Life.