The term borne out of a book from 1992, FIRE, is gaining traction. Defined as Financial Independence Retire Early, FIRE argues that you will base your choice when to retire on a financial number instead of your age. There are various degrees of achieving FIRE, depending on how disciplined and frugal you want to live your life.
The goal is to save 50-75 percent of your annual income and retire well before your 65th birthday. If you prioritize your work-life balance and choose to follow a path towards financial freedom rather than earning more money, then reaching that goal can begin well before you reach retirement age.
The quickest way to retirement is achieving Lean FIRE, which means you’ll live a frugal and lean lifestyle and enjoy a modest retirement. Reaching Barista FIRE is having a solid nest egg but working freelance or part-time to cover basic living expenses. The advantage of saving early means you can control your destiny and enjoy your passions long before the magic 65 retirement age kicks into gear.
Follow this LINK for an article detailing examples of ways to finish up the nine-to-five world and begin living life on your terms. If your goal is financial independence and security as early as possible, lead the way!