Financial Independence and Early Retirement

   How do you envision your retirement? For some, there’s an idealistic image that many share of days spent walking along a warm beach, endless travel and a leisurely lifestyle. On the other end of the spectrum, some people haven't had the opportunities that would afford them the ability to stop working when they want, never get to retire in the traditional sense and struggle to live on a fixed income once they’re no longer able to work.

   There’s also a middle ground, those who can afford to stop working and live a modest lifestyle. But the financial requirements for seniors have changed and grown over the years, and so this middle option may be less common as a result. Employer pensions and other retirement benefits aren’t as prevalent or plentiful as they once were. Longer life expectancy and a rising cost of living can make it more difficult to live purely on Social Security benefits and retirement savings alone.

   However, there are individuals and families who have been lucky enough to be in the position to retire decades before their 60s. They're part of a social movement known as FIRE – Financial Independence and Early Retirement – that has its own values, rules, subgroups and lingo.

What is FIRE?

   The idea of becoming financially independent, when you can live off the income from your savings and investme ...