Personal Finance

See How One Couple Retired by 35 and Traded in Work for Full-Time Travel

Who doesn’t daydream of retiring early?

The Adcock family turned that fantasy into a reality before they turned 40.

Keep reading to see how they managed to retire so early.

Trading in Tech for R and R

“The best part about being retired is about being able to decide what I do with my time… Every. Single. Day,” said husband Steve.

Steve, along with his wife Courtney, slogged away at careers in IT for a number of years before they decided to give up the 9-to-5 grind and adopt a new lifestyle: Retirement.

“My goal was always to retire early because I gained no satisfaction out of my job,” he said. “So, we ultimately decided to save 70 percent of our combined income and we were able to retire early just a few years after that.”

Crunching the Numbers

In order for the Adcocks to calculate the cash flow they’d need to sustain a long retirement, they wanted to see what it would really be like to retire early. Financially, they turned to the Trinity Study, which models typical market conditions over the years and gives an estimate of how much money you could spend per year without ever running out — which is, in essence, 4 percent of your net worth.

In the case of the Adcocks, it came out to be “just about ($800,000) to $900,000,” said Steve.

Adjusting As Needed

Even though Steve and Courtney both were high earners, they did need to make some lifestyle adjustments in order to satisfy their long-term retirement dreams.

“We don’t go out to eat as much. We don’t really buy clothes at all,” he added. “We cut back to only what we absolutely need to spend money on. Streamlining our lifestyle through moving into an RV is what minimized our expenses enough to make this possible for us.”

Diversifying the Income Streams

These days, the Adcocks focus more on remaining financially independent and have turned to blogging, video blogging and technical consulting to make some extra income on the side — when they’re not busy traveling, that is.

“When you’re retired you actually have a lot more of an opportunity to give back. You can volunteer whenever you want. You can get involved with projects. Your contributions only increase after retirement, especially if you retire early,” he said. “It’s that freedom over my time. That is what I love the most about early retirement.”

Read more early retirement strategies.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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