Do you like the idea of early retirement, but you don’t want to have to save every penny? Do you seek financial independence, but you don’t want to permanently leave the workforce? Then Coast FIRE might just be right for you.
FIRE, which is short for “Financial Independence, Retire Early” was a movement created for those that wanted to escape the Rat Race and live life on their own terms. Unfortunately many versions of the FIRE movement either require high income, extremely low spending, or some mixture of both. More importantly, once you reach FIRE there is an expectation that you will no longer work. While this might be okay for some people, it can lead others into an existential crisis.
This is where Coast FIRE comes in. Unlike the traditional FIRE movement which tries to get you to retirement as soon as possible, Coast FIRE focuses on saving up enough for your future retirement then coasting until you get there. This subtle difference means that you don’t have to penny pinch for decades and you can work on something you enjoy in the meantime. This strategy is not only less stressful than traditional FIRE, but it also provides more flexibility.
In this post, I will cover all aspects of Coast FIRE including: what it is, how it works, how to calculate your own Coast FIRE number, along with its benefits and risks. By the time you finish this article, you will have a better understanding of whether this strategy is right for you.
So, if you’re ready to discover how you can have more freedom at work while still securing your financial future, then read on.
What is Coast FIRE?
Coast FIRE, which stands for “Coast Financial Independence, Retire Early,” is an innovative approach to retirement that is somewhere
