Faith in God and Planning Helped Secure My Retirement at Age 56

God is good. He provides our every need. If I had not placed my faith in Him over twenty years ago, I may not have been guided through the steps needed to retire. I had the opportunity to retire at the age of 53. At that age, I gave my department head my letter of intent to retire November 2007. However, I was asked to remain on the job for as long as possible because they needed me. Along with the request, I was also provided with a few incentives which made it more enticing and lucrative to remain there for a little while longer.

I live in the beautiful city of Pensacola, Florida. I am 56 years old, have three sons, a beautiful home, investment property and several bank accounts. I am not bragging. Please understand this. I would love for anyone and everyone to be able to accomplish their early retirement goals if it is their wish. Some wish to remain on their jobs longer than they should. I however had no intention of staying any longer than I found necessary.

My plans now including one day soon purchasing an RV and traveling a little. However, before that can be accomplished, I must secure my youngest child's college education. By the grace of God, I am able to pay cash for his education. I would not even think of applying for financial aid. God has been too good to me and my family for me to do this. And with His help, I have no need presently to seek financial aid.

I retired in November 2009. In 1995, I felt the Lord guiding me to take a different direction and do more with my life. At that time however, I did not have the financial means and could not just up and quit my job. I knew I had to work hard to become financially stable and able to maintain before leaving my job. At that time, I began reading everything I could on retirement. I studied the economy up and down trends to determine how much money I must have available on a monthly basis to retire, I reviewed financial documents provided by a Modern Woodman financial adviser and I tried to determine how long it would take me to get the amount in savings needed to retire at age 53.

I must tell you, the amount of money i needed to save when 35 to retire at 50 was to me an impossibility. I made a great salary at the time, but it took everything I made to just survive. The prognosis seemed impossible and I thought I would have to work for at least thirty more years to just be able to eat. I had no desire to eat rice and beans daily.

I then began working on a strategy. Even my strategy was not promising. However, I began placing $100 biweekly in the investment plans available at my job. As I could, I increased the amount. If I received a raise, I would take that amount and commit it to the savings/investment plan. The company did not have a 401k or any other match incentive for employees.

When the bottom seemed to drop out from under us and Wall Street crashed somewhat, I took my money and placed it in a savings investment with Valic. The account was secure and guaranteed a 4% interest rate where others were offering less and their rates continued to drop. At that time with the amount I had saved, the investment amount I could withdraw, and the salary I made, I felt I had a good hold on retirement.

I reviewed the amounts, continued to save, checked with the Florida State Retirement System to determine exactly how much money I would get monthly then I knew I was on my way to reaching my goal.

Presently, I spend about $4,000 monthly. Before retirement, I spent approximately $5,000 monthly. Remember, when working and having employees under your supervision, there are expenditures you no longer have when retired. While employed, I spent about $400 monthly on gas, $200 on clothing, $80 for lunch and about $100 monthly for office politics (luncheons, birthdays, employee incentives and charities). I have made no lifestyle changes that diminish my quality of life.

I really have a better life now, than ever before. Recently my second child son had knee surgery. While working, it would have been impossible to be on leave for the time required to take care of him. After surgery, he could do nothing for himself other than go to the bathroom. Being retired, I was able to take care of his every need. He was required to walk with crutches for three months. He began therapy two weeks after his surgery. Had I been working, I would have been required to return to work after about 6 weeks. My son has been away from work five months now. The diagnosis is that he will remain off one more month. With his surgeons approval, he may be allowed to return to work in August.

I am preparing to take a class to enhance my writing skills. I freelance because I love to write. I do not have to freelance to provide my monthly needs. As a freelance writer, I want to improve my writing and communication skills. Had I still been employed, I would not have been able to take the class when desired.

Here are my tips to anyone wishing to retire:

1). Trust in God. I don't care what the world says, I place my trust in God and He guided my steps to the day I was able to leave the corporate world behind.

2). Begin Planning Today. Don't wait until next month, next year or even next week. Begin today planning for your retirement. If you don't, each weeks delay will put your retirement farther and farther away.

3). Pay Yourself First. It might not seem possible, but it is. Everyone has a minimal amount they can stash away. If you don't see it, it's easier to forget it and let it accumulate.

4). Begin Being Frugal Now. I saved cans, clipped coupons, hid money in pockets, in cans, anywhere I could, I saved. It helped.

5). Read Tips on Saving. Read every little tip you can find on how to cut back on spending, saving or easy ways to hold on to your money. Implement only those tips that are practical for you and your family.