These people on the path to early retirement took their time, even when they had the money to leave
The couple, who blogs at All Options Considered, stumbled upon the FIRE movement, short for “financial independence, early retirement” in 2014, and Alison fell in love with learning about the complexities of finances and investing.
For Ali, who struggled to find the right time to leave, a lot of her self-worth was tied up in her identity as a worker. She and Alison agreed they could wait a bit more — so Alison quit in April 2018, right before a trip they already planned to take that May, and Ali resigned in July, but stayed on until September. “It took a year to feel confident to do that,” Ali said.
Even with diligent saving for all sorts of scenarios, early retirement doesn’t always work out as planned. The goal may be to travel around the world, or spend time watching their children grow up, but unanticipated life events can put those dreams on hold — such as when a loved one gets sick or a couple breaks up.James and Emily Lowery were already on the path to financial independence when James’s company faced restructuring and positions were being eliminated.
Not everyone agrees on the magic number needed before leaving the workforce for early retirement. All the necessary factors, like savings ratios and investment strategies, aside, there are people who believe you need millions of dollars to retire early, and then there are some who believe they can get by in the future with just a million, at most. The truth is, it depends — but it’s always best to err on the side of caution.
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