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Frugal Living Learn How We Retired at 55!



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hey everybody it's Emmy this is my

channel frugal money favor how's

everybody doing today today I want to

talk about I've gotten a lot of

questions Paul and I how he was able to

retire at 55 and how we are managing to

live in the state of New York it is one

of the most expensive states in the

country on a fixed income so I want to

go into that today with you so if that

sounds interesting stick around and let

me explain it to you if you're new here

I'd ask that you hit that subscribe

button we do all things fun frugal free

anything to make our lives greater with

less money and it works okay so let me

get started um Paul worked for a local

government he was a highway foreman for

a town couple towns over from us for

about 35 years and he has a state

pension that comes in through local

government and that is what we live on

basically and Paul and I are not of the

age of Medicare or Social Security so we

basically retired on his pension in his

pension alone so how do we do it what

did we do to lead up to this the first

thing I will tell you we did it was

always our dream that Paul could retire

at 55 that's what we always wanted him

to do

he worked hard it was a very physical

job and you know after 35 years your

body's tired so in our hearts we always

hoped we would be able to do this for

him so what did number one thing we

never ever did was we never lived beyond

our means and what I mean by that is we

knew what was coming in financially and

we tried never to spend more than what

was coming in basic budgeting and I've

done videos on this in the past I can

link them down below but basically it's

math if hypothetically you have a

thousand dollars

in a week but you spend $1,500 a week

you're gonna be in debt and we were very

cautious and careful never to do that

that's number one number two we knew

that there would be sacrifices living

this way with Paul's job he worked on

the road so there was a lot of overtime

when the weather was bad he would plow

if there were hurricanes he'd have to

clear trees whatever the situation there

would be a lot of overtime so we knew

that we would no longer have that luxury

money and we took that into account so

we knew our lifestyle would be a bit

different and we were working towards

being okay with that and we were and we

are okay with it we don't even notice it

honestly okay another one um was we

bought a house and we stayed in it I did

not go and I've said this to you before

to a bigger home you know people talk

about starter homes we're still in our

starter home and it's great

what we don't need a bigger house thank

God it's fine if anything I'd like to

downsize these and even more now and we

paid off our mortgage we knew before

Paul retired we had to be debt-free so

we knew we had to pay off this mortgage

so anytime extra money came in it went

towards the mortgage to pay down the

principal and we were able to do that

before he retired so that was extremely

helpful because even though he gets a

pension from the town he does not get

medical because we are not of the

Medicare age we do have to pay our own

health insurance and that is the biggest

lump of change out of our monthly income

we pay 1/3 of Paul's pension to health

care we get the health care through his

work but it's not a cobra plan it's

we're actually just purchasing it from

them and they pay a small small

percentage it's like 20 percent and we

pay 80 percent something like that and

it is 1/3 1/3 of what comes in monthly

has to go right back out it is an

amazing policy though the better

hospitals here in New York all take the

plan and that's what we wanted as we get

older you know you've become very

conscious of health care you always are

conscious of health care but we really

this was a priority for us now when we

turn 65 that'll be different we've got a

ways to go God willing before that so

for the time being we know a third of

his salary is gone before it even comes

into healthcare so what we did was a

year before Paul was going to retire

well we were tentatively thinking of him

retiring I logged every necessary

expense for the prior year

my electric my food my gasoline propane

for the stove pet care whatever it was I

did that for one year and I also Rhian

quired with the town how much it was

going to cost us to pick up their

insurance so I knew I had to put that in

as well and then I figured out exactly

what it was going to cost us for him to

retire it was close I'm not gonna look

at you it's close but we make it and the

thing is to us it is so much better so

much better to have experiences than

belonging

in other words Paul being home we do

stuff together we will go shopping for

food together we'll go for a hike we'll

just hang out around the house

well visit friends or relatives whatever

it may be he's got that time to just

take it easy because it was a very

physical job all these years and this

was a choice we made yeah we could have

made him work another 10 years till he

was 65 absolutely I don't want to think

of what the guy would have been like at

65 but that that wasn't an option for us

so this is how we do it now when we hit

or pull at 65 and then I hit 65 of

course Social Security and Medicare will

kick in that'll be a different story but

right now we are just living on what the

state of New York gives him for his

pension so that's how we do it um and

the other thing we did all along was as

he would get this overtime and as a

little bit extra would come in or maybe

one month there would be three paychecks

you know how some months there are three

paychecks because he gets paid every

other week so some months would be three

paychecks and we would take that and put

it away in a savings account in a CD so

we would always have that safety net and

I talked to you about this all the time

having that safety net so that when

something happens you have money in the

bank to pull from and we made sure that

we had a safety net up that would cover

us god forbid for whatever so you need

to make sure that this is not some a way

to go for everybody that's what I should

say we chose to do it because it worked

for us and we were financially okay to

do it do we have a lot of extra money

every month coming in no we don't we do

have a savings which is a blessing

but for right now until you know another

I think Paul you 5857 he's 57 Oh

so until he's I don't even know when

does Medicare kick in I think 65 so we

have ways to go yet so but it works for

us and I'm not saying this is the way to

do it for you not at all

but this is what we've done and we've

gotten a lot of questions I know in

comments section and even in private

messages people have asked me how are

you able to do that at 55 well because

before 55 we kind of forced saw this

coming and planned accordingly it's not

like at 55 we woke up and said let's do

this we have lived our whole life in

this manner frugal minded with a frugal

mind always watching where our pennies

go always watching where our dollars go

trying to stretch those dollars as much

as we can so I just wanted to let you

know why even I do this channel because

I do this channel because it encourages

me to encourage you and you encouraged

me by leaving me comments and saying you

know this was great or this was

inspirational and I appreciate that so

much now our journey is not everybody's

journey but if you're a younger person

watching this then hey you know start

putting that money away okay you know if

I can tell you something I tell my son

all the time did they listen does he

listen I should say um you know and if

you're coming toward retirement years

and what I show you is just ways that we

cut back basically that's what we do we

cut back put a little away and we based

our life more on experiences than we do

material objects so that's really it

please if you have any other questions

leave them down below leave me a comment

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doing this channel you have no idea when

I sit here I feel and I've said this to

you before like I'm talking to a bunch

of my friends and you are my friends

and I'm confiding in you to encourage

you basically and you know I love you

you know I wish you blessings and until

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