FIRE movement involves aggressive saving to retire early, but comes with sacrifices and risks.

The FIRE movement involves saving aggressively to retire much earlier than normal, often setting aside at least half of your paychecks. It’s not for everyone, but it can help you leave the workforce in your 40s or 30s. The movement has different subsets, including Lean FIRE, Fat FIRE, Barista FIRE, and Coast FIRE. However, FIRE requires significant sacrifices and risks, including potential burnout and uncertainty about retirement expenses. If FIRE isn’t right for you, saving 20% of your paychecks can still help you retire earlier. Consider your options and have a backup plan for retirement.

Read more at Nasdaq: Is FIRE the Right Retirement Strategy for You?