If you’re in your mid-50s or younger and are interested in retiring but you aren’t on track to save enough for a full retirement, you might want to consider “Coast FIRE.” It’s a variation on the “Financial Independence, Retire Early” (FIRE) strategy, where you make life choices that save a large amount of money so you can retire before your 60s.
What Is Coast FIRE?
With the Coast FIRE strategy, you minimize your spending and invest as much as possible until you reach a target amount of savings that lets you “coast” toward an eventual retirement in your 60s. The “coast” part means that you keep working after you attain your target savings amount. At that time, however, you reduce your work hours so you earn just enough to meet your living expenses while letting your savings and other retirement resources grow until they can finance a full retirement.
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