I Never Made More Than $60K but Retired With Peace of Mind — Here’s How
Written by
Nicholas Morine
Edited by
Cory Dudak
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Retirement planning struggles are common across all income demographics, harrying most Americans concerned with financing a comfortable and enjoyable experience as their golden years approach.
While a fiscally sound retirement may sound like a myth — particularly for middle-class and lower-income households living paycheck-to-paycheck — a number of case examples prove that’s just not so.
Here are a few individuals who managed to meet their retirement goals — even while earning less than $60,000 a year throughout the bulk of their prime working years — and the methods they employed to do so.
Sociology Professor Turned Investor Plans To Retire in Her 50s
Business Insider profiled the story of Chris Elle Dove, who declared bankruptcy in her 20s and earned between $34,000 and $56,000 as a sociology professor. Together with her husband, Dove turned to investing — first in Berkshire Hathaway, then in a diversified portfolio — and also turned to retirement accounts and equity-building investments.
Paired with a strict “one in, one out” rule — which meant that for items (such as garments) purchased, one had to be sold — this turn from salaried income to investment income also allowed Dove to purchase a property to rent on Airbnb, creating even more passive income while also building out equity.
Dove now plans to retire in her mid-50s with an estimated net worth of $1.5 million.
Ronald Read: Janitor and Gas Station Attendant
While the story of Ronald Read — a Vermont janitor and gas station attendant who passed away in 2015 at the age of 92 — may not hold the same gravitas given that the bulk of his earnings took place in a previous economic era, the lessons learned still hold fundamentally true.
Read, despite his modest wage, notably lived well below his means throughout his working life. Accounts from The Motley Fool indicated he drove an older vehicle, wore clothing until it was at the breaking point (literally), opted to dine out only infrequently — and even then, for inexpensive breakfasts at the local hospital cafe — and patronized the library rather than buying books.
However, he was a long-time investor who also primarily held blue chip options, including Procter & Gamble, JPMorgan Chase, CVS, Bank of America and Johnson & Johnson.
At the time of his passing, Read was reportedly worth $8 million. He bequeathed the majority of that fortune — to the tune of about $5 million — to his local hospital and library.
Pennsylvania Teacher Quits, Becomes Real Estate Investor at 35
A separate Business Insider report highlighted the tale of Bryce Stewart, one-time schoolteacher from Bethlehem, Pennsylvania who was pulling down a $50,000 salary while contending with a condo that was depreciating in value.
Forced to move into an apartment while renting said condo, Stewart pivoted, drawing from his savings and also accepting a small loan from his in-laws to produce a $6,000 down payment toward a duplex in the same town.
Two years later, in 2011, the teacher purchased a triplex in Bethlehem, and took advantage of a clause allowing owner-occupants to land a more attractive loan package — again, on borrowed initial capital — while residing in one of the units.
A decade later, in 2021, Stewart found himself in ownership of 37 rental units across Bethlehem, drawing a monthly profit of between $17,000 to $20,000. He was 41 at the time, and certainly in possession of the keys to “peace of mind” concerning his future retirement, holding extensive equity as well as a substantial passive income stream.
