The FIRE (Financial Independence, Retire Early) movement is a personal finance and lifestyle movement that advocates for extreme savings and investment strategies in order to achieve financial independence and retire at an earlier age than the traditional retirement age of 65.
The basic premise of the FIRE movement is to live frugally, save aggressively, and invest in income-generating assets such as stocks, real estate, and rental properties. The goal is to accumulate enough wealth and passive income streams to be able to retire early, typically in one’s 40s or 50s, while maintaining a comfortable lifestyle.
The FIRE movement has gained popularity in recent years, in part due to the rise of social media and online communities that share tips and strategies for achieving financial independence. However, the movement has also been subject to criticism for promoting a lifestyle that may not be feasible or desirable for everyone, as well as for its reliance on assumptions about investment returns and other factors that may not always be realistic.
Overall, the FIRE movement is a personal finance philosophy that emphasizes the importance of financial independence and early retirement, and encourages individuals to take control of their financial lives and plan for their future. Given the impact of the 2008 recession, the global pandemic and another recession on the horizon for 2023, it is unlikely that people will be able to retire for a long, long time.
That is what is happening to one couple: they are having to work longer than anticipated to save up for their retirement: