Financial Independence, Retire Early (FIRE) is a movement of people devoted to a program of extreme savings and investment that aims to allow them to retire ...LinkedInwithBackgroundRetirementPlanningAfterYouRetireRetirementPlanningGuideRetirementSavingsAccountsIRASocialSecurity401KPensionsEstatePlanningSeniorCareAnnuitiesSeeAllPersonalFinanceRetirementPlanningWhatIsFinancialIndependence,RetireEarly(FIRE)?FinancialIndependence,RetireEarly(FIRE)isamovementofpeopledevotedtoaprogramofextremesavingsandinvestmentthataimstoallowthemtoretirefarearlierthantraditionalbudgetsandretirementplanswouldpermit.Borneoutofthe1992best-sellingbookYourMoneyorYourLifebyVickiRobinandJoeDominguez,FIREcametoembodyacorepremiseofthebook: thatpeopleshouldevaluateeveryexpenseintermsofthenumberofworkinghoursittooktopayforit.KeyTakeawaysFinancialIndependence,RetireEarly(FIRE)isafinancialmovementdefinedbyfrugalityandextremesavingsandinvestment.Bysavingupto70%ofannualincome,FIREproponentsaimtoretireearlyandliveoffsmallwithdrawalsfromtheiraccumulatedfunds.TheFIREmovementwasbornfroma1992bookYourMoneyorYourLife,writtenbytwofinancialgurus.1:34ClickPlaytoLearnWhattheFIREMovementIsUnderstandingFIRETheFIREmovementtakesdirectaimattheconventionalretirementageof65andtheindustrythathasgrownuptoencouragepeopletoplanforit.Bydedicatingupto70%oftheirincometosavings,followersoftheFIREmovementhopetobeabletoquittheirjobsandlivesolelyoffsmallwithdrawalsfromtheirportfoliosdecadesbeforetheyreach65.Inrecentyears,millennialsinparticularhaveembracedtheFIREmovement.Proponentsoftheextreme-savinglifestyleremainintheworkforceforseveralyears,savingupto70%oftheiryearlyincome.Oncetheirsavingsreachapproximately30timestheiryearlyexpenses,orroughly$1million,theymayquittheirdayjobsorretirefromworkaltogether.Tocovertheirlivingexpensesafterretiringatayoungage,FIREdevoteesmakesmallwithdrawalsfromtheirsavings,typicallyaround3%to4%ofthebalanceyearly.Dependingonthesizeoftheirsavingsandtheirdesiredlifestyle,thisrequiresextremediligencetomo