Ah, to retire at 55. The freedom, the spare time — it’s what so many of us aspire to. But retiring at the ripe age of 55 takes serious cash, especially if you have no intention of working another day in your life.
Most people planning to retire at age 65 think they need over $1 million to live comfortably; add an extra ten years to that timeline, and you can see why retiring at 55 gets dicey.
Let’s not forget the bridge years. Retiring early at 55 means a full decade of self-funding your health care (until Medicare kicks in at 65) and waiting at least seven years for Social Security to kick in.
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Still, for millions, the trade-off is worth every penny. It’s exactly why the FIRE movement exists. Whether you’re Lean FIRE or Fat FIRE (this quiz can tell you), those who actually succeed go into it with a rock-solid plan for their money, their health and their time.
Think you’re ready to join the movement and walk away at 55? Take our short quiz to find out.