Financial Independence, Retire Early (FIRE) is a financial movement that takes direct aim at the encouraged retirement age of 65 and instead encourage them to retire in their 30s or 40s.
FIRE can be achieved by frugality and extreme savings and investment.
Inspired by the 1992 book “Your Money or Your Life“.
To achieve FIRE you need to save up to 70% of the annual income.
FIRE retirement let you retire early but live off small withdrawals from their accumulated funds, around 3% to 4% of the balance yearly.
FIRE is meant for people who have substantial income, generally in the six figures.
FIRE is a lifestyle that limits consumerism and advocate for more being aware of what you spend money on.
