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If there’s one aspect of personal finance that people can get excited about, it’s the idea of being able to retire early. And according to research by Hearts & Wallets, one out of every six Americans currently plans to retire before the age of 55 – ten years sooner than standard retirement age of 65.1
Retiring early has become so popular that it’s even earned its own name: the FIRE movement.
The acronym FIRE stands for ‘financial independence, retire early,’ and the goal is to create an opportunity where you can retire early and live life without needing income from a full-time career. This is typically done by living frugally during your working years, carefully planning out your finances, and prioritizing saving and investments over other life expenses.
If being financially independent and leaving the workforce sounds enticing, we break down how you can plan for financial freedom and what actions need to... ...
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