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

Originally published in the Globe & Mail on September 19, 2024

Scott Hartman, 59, of Oakville, Ont., 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,” he says, in this Tales from the Golden Age article. “There were times when my wife worried I would have a heart attack at my desk.” He took a voluntary departure package from his company, which gave him an additional 16 months of income after his retirement date.

Hartman had 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.”

He started taking management courses, and his career and income advanced from there and also continued to save and invest a lot more. Hartman relied on the expertise of financial advisers to guide him, as well as his father, 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,” he adds. “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, says Hartman. “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.”

Hartman advises 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.”

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