On fire for early retirement
Ingrid Wadsworth’s advice for Gen X women
By Cynthia Reeves / Photo by Kate Treick Photography
At age 55, Ingrid Wadsworth of Navarre left her executive career for an international nonprofit and jumped into early retirement. Recently widowed as well, she had no idea what exactly she would do, so she created a detailed plan. Soon, other women were asking her how she managed it, so she decided to write a retirement guide for Gen X women.
“As an executive, I’ve always been a strong advocate for giving other women a hand up,” Wadsworth said.
She noticed a lot of women in their late 60s and 70s still working because they didn’t know where to begin.
“Retire Into Your Life” was published in July 2024. The book states her No. 1 goal is to inspire women into creative ways of thinking about their futures.
“You want to retire while you’re still young and vibrant. You can’t climb the Parthenon as easily when you’re 80!” she explained.
The guide is set up as a workbook with worksheets, tips, checklists and quizzes.
“Most women like quizzes and journaling,” Wadsworth said.
She set up the workbook so woman can brainstorm and use stream of consciousness to “ease nervousness and think things through.”
Her book starts with the premise that in early retirement, a Gen X woman (born 1965-1980) should think of herself as “the successful CEO of Me, Inc.” and put together a team of people to support her new company. Those so-called employees or team members might include an accountant, a fiduciary planner, an attorney, and a coach or therapist. She also adds it is crucial for women to not only find their girl squad, but a supportive community as well.
According to financial investment companies like T. Rowe Price, early retirement like Wadsworth’s is part of the “financial independence and retire early” movement, which uses the acronym FIRE.
In recent years, FIRE has gained traction, especially among millennials and younger members of Generation X.
“Generally, the goal for FIRE enthusiasts is to curb expenses, save aggressively and ultimately amass enough investable assets and budget flexibility to gain financial independence,” Wadsworth explained.
She believes the key to retiring into your life financially is to “put your monies to work — instead of you working — while also protecting against inflation and stock market declines of your nest egg.”
Her book outlines a strategy:
• Have or create multiple streams of income
• Figure out your weekly and monthly costs and have a lifestyle that reflects that
• Take on a hobby that makes you money (to supplement or increase your lifestyle)
• Course-correct as you live your dream.
One important step is to discover how you will spend your time in retirement.
“It is typical of women to take on roles and titles that don’t necessarily reflect the authentic you,” Wadsworth said.
In retirement, she believes women can finally discover their dreams. The key is to find spiritual alignment and explore your values and beliefs.
“Retirement is a chance to be who you really are,” she said.
She suggests a three-hobbies rule.
• One hobby to keep you creative
• One hobby to keep you moving
• One hobby to make you money
After trying several hobbies herself, including furniture refinishing and working as a personal chef, Wadsworth found her niche in real estate investment and writing.
For brainstorming sessions, she uses a method she used when she was a busy executive. It is the Bruce Tuckman 1965 Team Development Model. It involves Forming, which is a research phase, Storming, which is an initial commitment phase, Norming, where you try it for a while, and finally Performing, in which you are doing it and are fully committed.
“It is a way of slowing down your role to make sure you get into something you’re really excited about and will stick with,” she said.
Wadsworth said the “formula for living your life in retirement is an active process. It requires that you identify three to five multiple streams of income and that you adjust your life and lifestyle to what you can afford in your plan.”
These streams of income might include a pension, social security, retirement accounts, life insurance, an inheritance or part-time work. She emphasizes course correcting along the way.
“Get comfortable being uncomfortable and adjust your sails as you go.”
The workbook ends with a one-year check-in. Ingrid says it is okay to adjust your retirement vision each year.
“You can only go as far as you can see. When you get there, you’ll be able to see further.”
