‘I retired early at 45 with $2million in savings - here’s how I did it!’
EXCLUSIVE: Early retirement is increasingly becoming an option for many people who choose to make big savings, as one man has shown.
One man is sharing how he achieved an early retirement by the age of 45 with a savings pot of $2million.
Joe Debicella spent the first 20 years of his career working as an IT professional for Fortune 500 companies.
He is now one of the founders of BridesmaidGiftsBoutqiue.com but has achieved FIRE (Financial Independence, Retire Early).
The entrepreneur has used the business to supplement his income in retirement but was able to make millions to leave the workplace at an early age.
He first had the idea of retiring early when he first entered his career in IT at only the age of 20.
READ MORE: Social Security COLA to rise by 3% as seniors set for payment increase [LATEST]
Speaking exclusively to Daily Express US, Joe broke down what he did to achieve this lofty goal by maximizing his Roth IRA.
This is a tax-free retirement savings account that currently has a maximum contribution of $6,500 a year.
On his success, he explained: “I was lucky enough to enter my career at the height of the tech boom in the late 90s. This allowed me to start making six figures at a very young age.
“The thing I did to build wealth was to max out my 401k, max out my Roth IRA (while I was eligible).
Don't miss...
Man selling a complete tiny home for only $15,000 [LATEST]
‘I bought a jewelry box at Goodwill for 50¢ - what was inside was worth $100' [LATEST]
‘I converted an old bus into a tiny home for only $9,000' [LATEST]
“I also bought a house in my 20s and rented rooms out to my friends, and luckily worked for major companies that had additional profit sharing that would go into my 401k.
“I still had enough money to save which I put into the stock market (exchanged-traded funds specifically).”
According to the FIRE follower, early retirement has awarded him more than just money but also more time with his family.
Joe added: “I am lucky that I get to spend a ton of time with my 11-year-old twin boys and my wife. I also enjoy golfing at least once a week.
“Because the majority of my nest egg was in retirement funds that can't be touched for 10 plus years, I needed to supplement a bit.
“My wife and I started a business called www.BridesmaidGiftsBoutique.com which has been an incredible journey.
“I often say 'I am retired from Corporate America' since I do tend to put a decent amount of effort towards our business.
“But the fact is, I almost see this as more of a hobby that also helps bridge that gap to when I can start withdrawing from the Roth.”
