Veteran Chris Mott decided to retire at the age of 57 because he was unemployed and unable to find work. Mott and his wife sold their California home, downsized and invested in a travel trailer. They are IRAs, savings accounts, and investment portfolios that will help you in retirement.
Thank you for registering!
Access your favorite topics in a personalized feed on the go. Download the app
By clicking “Sign Up”, you agree to our Terms of Service and Privacy Policy. You can opt-out at any time by visiting our settings page or by clicking “unsubscribe” at the bottom of the email.
I am a veteran who has worked in a variety of organizations and government jobs, including occasionally founding and running companies. Like most people, I didn’t really start thinking about retirement until I was in my mid-40s. My plan was to work until I was 65 or 70, but apparently my wife had a different idea.
When I lost my job in 2022, my wife saw this as an opportunity for us to retire and live on the street full time. This has been her dream since she bought a small camper trailer in 2002. We spent summers and vacations traveling with our son throughout the western United States and Canada.
At 57 years old, I was too young to draw from Social Security or retirement benefits, and my finances were my top priority, but I was determined to make her dreams come true. After almost a year, my portfolio produced almost the same amount of money as I made at my previous job.
Here I will share with you how I successfully retired early.
I didn’t realize that my life was about to change.
We owned a house on a large lot in Yorba Linda, Orange County, California. When my granddaughter was only one year old, my wife went on a solo trip to Vancouver, Washington. A few days after that trip, my daughter-in-law sent me some photos of my wife and baby. She had a smile on her face that I hadn’t seen in a long time. That’s when I knew my life was about to change. But I didn’t know how much.
Chris and his wife Kim at Bryce Canyon National Park. Provided by Chris Mott
When she returned from that trip, we started planning our move. Our house was great, but we weren’t ready to put it on the market yet. I was still employed at the time. I had arranged for my company to work remotely, and my wife’s sister had agreed to live with her mother for caregiving purposes. After spending months preparing the home for viewings, we were able to list the home and place it in escrow within a week. Things started moving really quickly.
Related articles
In the midst of all this, my mother-in-law became seriously ill and passed away. Then my employer had buyer’s remorse about the remote work arrangement and I ended up unemployed.
I sold my house and budgeted for a trip.
After settling my mother-in-law’s estate with my wife’s brother and closing escrow on our Orange County home, I added the proceeds to my other savings and IRA. Most of our money is managed professionally, but I have a small personal account and a savings account.
We spent $200,000 on a new 30-foot Grand Design 5th wheel trailer and a Dodge Ram 2500 truck to pull it. We downsized from a 2,400 square foot home on 3/4 acre to a 290 square foot trailer. We are homeless now, but we are not homeless.
Chris and his wife traveled in a camper trailer for years before selling their home and living on the street. Provided by Chris Mott
I used household accounting software to create a travel budget. Because we have been camping for 20 years, we were able to create an all-inclusive budget. There are also expenses like running a laundromat every few weeks or paying for showers at the campground. I also pay for Starlink internet so I can always stay connected.
With no house or car payments, utilities, or property taxes, our investment income exceeds our planned monthly living expenses. In other words, you are living on your income rather than your principal.
retirement allowance payment
One thing I didn’t want to do after I retired was become a full-time investment broker, so I hired an investment broker. The majority of our investments are professionally managed with a mix of various municipal bonds and moderate growth stocks. My portfolio goals were income and asset retention. It costs about $6,000 a year in brokerage fees, but it’s worth it to not have to manage all those transactions personally.
Much of the income from this portfolio is tax-free and contributes to our earnings. Other than that, I have an IRA, a savings account, and a small self-directed investment portfolio.
I am in regular contact with my broker and closely monitor everything. I set up automatic monthly payments from my portfolio that are enough to cover my living expenses. I also make a few bucks by writing. I’m not rich, but I live comfortably.
Eventually, you’ll need to start thinking about taking withdrawals from your IRA and when to apply for Social Security. But it will take several years.
life is what you make it
Looking back, I wish I had started sooner, but I was really lucky. Even though I started planning for retirement late, things worked out in the end.
Every morning when I wake up, I open the sunshade next to my bed. One is to see the morning light, and the other is to remember where you are. It changes all the time. We travel from campsite to campsite. Hike in new places, try local cuisine, and visit museums, exhibitions, national monuments, parks, and special events like the Hot Air Balloon Festival on Lake Havasu. I also manage to receive and mail gifts and books to my granddaughter.
Provided by Chris Mott
No matter where we are or what we’re doing, each week has one highlight. It’s a weekly video call with my granddaughter. She is always looking forward to seeing Gigi and Papa and always wants to show or tell them something special that happened that week.
I also have a life after retirement, which is a great thing.
If you have a unique retirement experience and would like to share your story, please email Manseen Logan at mlogan@businessinsider.com.
