As a hypothetical, imagine that you are 40, and you are strapped for cash. No retirement funds or other accounts other than a checking account, and you are collecting unemployment. Your first priority may be to get a full-time job for a more stable source of income. At that age, it still doable to retire early with financial independence in 10-15 years? And do you think there is an event horizon where FIRE is no longer achievable?
Ask HN: Can you still achieve FIRE if you start planning at 40?
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Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#2it's possible to retire at any age
keep your costs fixed and live within your means
theoretically if I saved the entire year worth of salary of a SWE, could live off of that for 3 years (3 years of 50k salary)
it really is easy if you come from a struggle background - everything I get from this point on is simply a +
Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#3Pragmatically, you'll be in a better shape, and have a better chance of succeeding, if you start the journey than if you don't.
Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#4For the unitiated like me https://en.m.wikipedia.org/wiki/FIRE_movement
Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#510-15 years is doable with a savings rate of 67%. At that rate, you're accumulating 2 years' worth of spending for every year that passes by. In 12.5 years, you'll have accumulated 25 years' worth of expenses.
If you invest well over that time, you can either retire earlier or do it with a somewhat lower savings rate.
Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
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Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#710-15 years is doable with a savings rate of 67%. At that rate, you're accumulating 2 years' worth of spending for every year that passes by. In 12.5 years, you'll have accumulated 25 years' worth of expenses. If you invest well over that time, you can either retire earlier or do it with a somewhat lower savings rate.
Even if we assume that saving that much is possible, the math only works if you're up for living a lifestyle costing 33% of your current earnings for the rest of your life.
Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#810-15 years is doable with a savings rate of 67%. At that rate, you're accumulating 2 years' worth of spending for every year that passes by. In 12.5 years, you'll have accumulated 25 years' worth of expenses. If you invest well over that time, you can either retire earlier or do it with a somewhat lower savings rate.
Even if we assume that saving that much is possible, the math only works if you're up for living a lifestyle costing 33% of your current earnings for the rest of your life.
Yes, that's the idea.
Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#9First define what is retirement to YOU. If you can live with 1000 USD per month vs say 10,000 per month, we are talking different strategies. In general though, why not.
Re: Ask HN: Can you still achieve FIRE if you start planning at 40?
#10First define what is retirement to YOU. If you can live with 1000 USD per month vs say 10,000 per month, we are talking different strategies. In general though, why not.
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