There’s a retirement strategy focused on building enough financial independence to retire early or gain greater flexibility over your career and lifestyle. It’s called FIRE, which stands for Financial Independence, Retire Early
FIRE resonates with some people because, in addition to early retirement, it encourages intentional spending, disciplined saving and investing, and thoughtful planning for the future.
But retiring early comes with important trade-offs. Future expenses may change, healthcare coverage will need to be replaced before Medicare eligibility and you’ll likely need to rely on personal savings for longer before Social Security benefits begin.
It’s also important to remember that popular rules of thumb may not work for everyone. Early retirement often means your savings need to support more years of spending and inflation, so your strategy should be tailored to your goals and circumstances.
Whether your goal is early retirement or simply greater financial freedom, a financial advisor can help you build a personalized plan.
This content was provided by Edward Jones for use by Maggie Schoepski, your Edward Jones financial advisor at 507-867-1460. Member SIPC
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