How These Canadians Are Retiring Decades Early: The Extreme Savings Strategies Behind Young Retirement

In an era where many young Canadians are embracing "doomspending"—splurging on experiences and luxuries because they feel homeownership and financial security are out of reach—a growing group of Torontonians is taking a radically different approach. These super-savers are bucking the trend through extreme austerity, meticulous long-term planning, and savvy investments, aiming to retire in their 30s, 40s, or 50s—up to 35 years before the average Canadian.

The Price of Early Retirement

For these individuals, achieving early retirement requires significant sacrifices. They often juggle multiple jobs, work more than 16 hours a day, and forgo any expenses not deemed absolutely necessary. Weekends off and dining out are rare luxuries, replaced by relentless saving and investing. The goal is to squirrel away the majority of their incomes, with some already having achieved financial independence at remarkably young ages.

Real-Life Stories of Extreme Saving

• A marketing specialist works over 16 hours most days, lugging work laptops to family gatherings and dealing with chronic stress headaches—all to retire by age 30.
• A couple with a child manages to spend only $6,000 annually on their kid (compared to the average $17,000) and retired at 32, co-authoring the book Quit Like a Millionaire.
• An AI content writer living in downtown Toronto refuses to spend $25 on cocktails and plans to retire at 50 by strictly budgeting while enjoying city life.
• A tech start-up director is on track to retire at 45 through investment properties, avoiding vacations, and earning a salary in US dollars.
• A savings-obsessed couple—a dental hygienist and a tech product manager—constantly think about money and plan to retire at 50 with detailed financial strategies.
• A 40-year-old retiree shares that his journey is "easily replicable," leveraging opportunities like the subprime mortgage crisis for investments.

Key Strategies for Early Retirement

These super-savers emphasize long-term planning, wise investments, and extreme frugality. They prioritize saving over spending, often working multiple jobs to boost income and investing in assets like real estate. The mindset shift from short-term gratification to long-term financial freedom is central to their success, even in a high-cost city like Toronto.

While the sacrifices are substantial—including no weekends off, minimal social spending, and high work hours—these individuals believe the trade-off is worth it for decades of freedom. Their stories highlight that early retirement is achievable through discipline, strategic planning, and a willingness to live differently from the norm.