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FIRE (financial independence, retire early) Most US workers aim to retire around age 65—but for many followers of the FIRE movement, which stands for “financial independence, retire early,” that’s not the case.
FIRE followers, who range from low- to high-income workers, typically prioritize high savings rates, relatively frugal living, and aggressive investing strategies in an effort to work less and enjoy life more in the long term.
While many proponents argue that the movement is more of a mindset about achieving financial freedom than any specific retirement date, both ends require similar means.
The movement also isn’t without its critics. Some note that saving aggressively or maximizing income isn’t feasible for many, especially those with dependents such as children or elderly parents. They argue that FIRE followers are particularly at risk in times of economic hardship, such as high inflation or a long-term dip in the stock market, and that they underestimate how much money they actually need to save.Explore FIRE (financial independence, retire early)
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One financial planner says FIRE is a bad ideaSome financial professionals argue that those following the FIRE (financial independence, retire early) movement might be basing their math on too short of a timeline, leaving them without enough money if they live further into old age than expected. CNBCThe FIRE movement stands for ‘financial independence, retire early’FIRE followers typically prioritize high savings rates, relatively frugal living, and aggressive investing strategies in an effort to work less and enjoy life more in the long term. They range from low-income manual laborers to high-income tech workers and doctors. Investopedia
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