Retired at 50: “I started saving at 14”

“I have always managed my affairs by telling myself that if something happened to me tomorrow morning, I would want to be able to put all my energy into it.” Here, summarized in a few words, are the morals of a Lévis resident who achieved the feat of retiring at 50.

“I started saving at 14,” says Éric Tremblay, 57, in an interview with The Journal.

“I finished school in June, and I started working at the day camp. I earned $45 a week, and I put $40 aside. In the following years, my salary increased, but I didn’t hold back any more!”, he adds proudly.

For someone who worked as a banker and then as an investment advisor, saving is a matter of consistency, endurance, and determination, qualities that are also found in great explorers, professional athletes and business leaders. business.

“It’s important to have dreams, but you have to do what it takes to make them come true,” recommends Mr. Tremblay, to explain how he managed to retire so early, while not hiding that having a good salary “helps”.

Start early

From the age of 18, the Lévisien set himself the goal of stopping working at 45. “At the time, my boss told me about RRSPs. I thought it made sense, and I immediately started contributing,” he recalls.

Then, the young man stayed with his mother as long as possible in order to save money to become a homeowner, which he accomplished at the age of 22.

“I had read that you should pay as little as possible for accommodation, as it is an essential expense. So I bought a small duplex, and I moved into the second floor, to save on heating,” he says.

It was the first of around ten real estate transactions, which allowed our man to retire five years later than the objective he had set for himself.

“I’m still quite proud of it,” says Éric Tremblay, who was diagnosed with cancer two years later.

“I was able to devote all my energy to my health, and I am now recovered,” he rejoices.

Quebecers dream of retirement

Mr. Tremblay’s feat will perhaps arouse the admiration of many Quebecers, while 30% of them hope to retire before reaching the age of 60, according to a Léger survey carried out last spring .

Many, however, simply cannot afford to dream of it, since 50% of Quebecers fear not having enough money for their old age, according to the same survey.

“It’s not rocket science, but we need to improve financial education. It’s important to know how to manage your personal finances… We can never talk about it too much!” concludes Mr. Tremblay.