Learn how you can retire early in the UK through a lifestyle movement called FIRE.
Financial Independence Retire Early is a concept and plan to retire earlier than the standard retirement age in the UK. In order to achieve FIRE, you increase your income and decrease your expenses in order to improve your savings rate.
You need to save/invest a sum that is 25x your annual expenses in order to achieve FIRE. This assumes a safe withdrawal rate of 4% which doesn’t eat into any capital and let’s you retire on this amount.
There are four different ways to FIRE.
Traditional – increase your income, decrease your spending to optimise your savings rate.
Lean – really cutting back on a minimal lifestyle in order to lower the pot needed and goal required to achieve FIRE.
Barista – supplementing your pot by working part time or in a job you enjoy and living on the rest from your retirement pot.
Fat – living a luxury lifestyle by aggressively saving, a much bigger pot is needed here.
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0:00 Intro
1:08 F.I.R.E Movement
4:20 Savings Rate Examples
8:00 Different F.I.R.E Types
11:50 F.I.R.E Calculator Example
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DISCLAIMER: Any advice given here is for information purposes only and does not act as financial advice. Your financial decisions are your full responsibility and if you are in any doubt please contact a financial advisor before undertaking any investment with your money or change to your financial activities. .
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How To Retire Early In The UK – Financial Independence Retire Early (FIRE)
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Such great knowledge you're dropping here. This is a treasure 🙂