After being told Freedom 55 was out of reach, this retiree changed his financial trajectory and retired at 51

In Tales from the Golden Age, retirees talk about their spending, savings and whether life after work is what they expected.
Scott Hartman, 59, Oakville, Ont.
I retired in 2017 at 51 after working for more than 20 years in the print media advertising business. I worked hard; I was a 50- to 60-hour week guy. There were times when my wife worried I would have a heart attack at my desk. I took a voluntary departure package from my company, which gave me an additional 16 months of income after my retirement date.
I always planned on retiring early. In 2004, in my early 40s, I met with my adviser and told her I was thinking of ‘Freedom 55′ and asked if it was possible. She created a plan and said it wasn’t, based on my financial situation and career trajectory. I didn’t like hearing that, so I created a plan to get there.
I started taking management courses, and my career and income advanced from there. I also continued to save and invest a lot more. I relied on the expertise of financial advisers to guide me, as well as my dad who was in the financial services industry.
My wife and I built up a sizable nest egg through saving and investing, including paying off our mortgage quickly. I’ve also been reducing my market risk exposure and have diversified my investments as I get older. I plan to take my Canada Pension Plan and Old Age Security early because I’m not sure how long I will live. If I live to 90, I’ll be okay financially.
Retirement was a bit of a shock at first. I had 28 direct reports and the quiet was unusual compared with the hustle and bustle of my former work life. I sometimes miss the relevance of having a full-time career and being the go-to guy. It also took me a while to change my sleep patterns. I was still getting up at 7 a.m., raring to go. My wife told me I had to slow down.
I did some volunteer work early in retirement, which helped. I worked two shifts a week at the Daily Bread Food Bank, prepping meals and serving lunch. I also worked with Volunteer Builders – a not-for-profit that builds structures at children’s camps in Ontario, something I was involved with for 20 years, working my way up to board chair.
My free time is spent visiting friends and family, exercising and gardening. I also try to keep mentally fit by reading and playing online games. I also edit novels that my son and my wife have written. And I’m learning to speak Spanish (my wife is part Colombian). She’s still working and enjoys her job. She’s also a few years younger than me.
I advise anyone approaching retirement to understand the tax implications when withdrawing your retirement savings for income. Work with an adviser if you can. Having a plan to minimize your financial worries is important. Also, set some goals and priorities for retirement. It will help keep your mind and body active and help you enjoy living.
As told to Brenda Bouw
This interview has been edited and condensed.
Are you a Canadian retiree interested in discussing what life is like now that you’ve stopped working? The Globe is looking for people to participate in its Tales from the Golden Age feature, which examines the personal and financial realities of retirement. If you’re interested in being interviewed for this feature and agree to use your full name and have a photo taken, please e-mail us at: [email protected]. Please include a few details about how you saved and invested for retirement and what your life is like now.
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