US Man Saves Enough to Retire at 34, Then Moves to Quebec City; How to Plan an Early Retirement

As more and more Americans find themselves spending more than 30% of their income, people are looking at different avenues to live a better life at lower costs. In a similar quest, an American turned to Canada in hopes of taking advantage of the lower cost of living in cities like Quebec, which boasts great standards of living at low costs.

Grigory Lukin says he managed to save enough money to retire at the age of 34 and is now living in Quebec City which is allowing him to lead a good life at just $1,300 monthly on all expenses. "When I tell people I live on USD 1,000 a month or $1,360 Canadian, it just blows their mind and they refuse to believe because it’s so far outside their belief system and what they perceive as normal," he said, via City News Everywhere.

He says that making a list of what he needs for housing has allowed him to live well. His priorities were to get a quiet place with hot water, internet, and no roommates. "It’s that simple," he said. "I managed to pair down my budget to something most people just think is ridiculous." Lukin, who was born in Russia, moved to the United States with his family at the age of 16. Since then, Lukin has lived in many cities before finally settling in Seattle, where he was an employee at Amazon.

He tells the publication that initially it was a job offer that made him move to Toronto which he was inspired to take after reading "The 4-Hour Workweek" by Tim Ferriss. He talks about how it's extremely important to move someplace in the world that is "cheaper but has the same standard of living." "For example, the rental apartments here in Quebec City are infinitely cheaper than they are in Toronto or Vancouver," he continues. 

Lukin says that after he successfully obtained permanent residency with Amazon’s help, Lukin was free to move anywhere in Canada. He later decided to move to Quebec which boasts a significantly lower cost of living. After comparing cities like Sherbrooke and Quebec City, he decided to settle in Quebec City which he says is a "beautiful and walkable city." He is currently residing in an apartment with two separate bedrooms and a living room. "I’m renting it for $674 a month," he said. "It’s a brick building, in a nice part of town and within walking distance of all the fun places."

The total amount he spends on his home costs close to $734 a month after adding electricity and insurance. "When I lived in Toronto that would have been impossible," he said. Now, Lukin has retired and says that he has made enough money to be able to live off his savings and investments which is all part of his early retirement plan.

Lukin sheds light on the advantages of investing money from a very young age. "I am not a millionaire, I just live like a monk or a grad student," he said. "I managed to squirrel away enough money by the age of 34, just a few hundred thousand dollars to embark on the most universal basic income scheme, and that worked for me."

As per CNBC, 56% of Americans say that they don't see themselves retiring comfortably, let alone retiring early. However, people like Lukin tell us how meticulous planning can help you achieve goals that may look impossible from the macro perspective. "The idea is not to retire and sit in the corner for the next 25 years, It’s to have fun and do whatever you want," Lukin says.