this post was submitted on 14 May 2024
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FIRE (Financial Independence Retire Early)
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FIRE is a lifestyle movement with the goal of gaining financial independence and retiring early.
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Ah ok, gotcha. I've set my own milestones based on a relative savings rate in such a way that x% monthly savings equate to y years of earlier retirement. Never thought of doing it in terms of multiples of annual income since those include my savings rates, and my actual cost of living are significantly below my income.
Yeah, the multiples thing is not a great way to estimate early retirement because it assumes your retirement spending is directly related to your employment income. That's true for many people with traditional retirement plans though, and it's certainly easier than estimating expenses, so I guess there's merit to it.
Anyway, I just think it's an interesting set of milestones to track. Like, "oh, I'm where I should be at X years old, so I'm Y years ahead of 'normal' retirement." But it doesn't impact my retirement planning one bit though.