what is the purpose of fire 
the fire movement takes direct aim at the conventional retirement age of 65 and the industry that has grown up to encourage people to plan for it by dedicating a majority of their income to savings followers of the fire movement hope to be able to quit their jobs and live solely off small withdrawals from their portfolios decades before they reach age 65 in recent years many people millennials in particular have embraced pursuing a fire retirement proponents of the extreme saving lifestyle remain in the workforce for several years saving up to 70 of their yearly income when their savings reach approximately 30 times their yearly expenses or roughly 1 million they may quit their day jobs or retire from work altogether to cover their living expenses after retiring at a young age fire devotees make small withdrawals from their savings typically around 3 to 4 of the balance yearly depending on the size of their savings and their desired lifestyle this requires extreme diligence to monitor expenses and dedication to the maintenance and reallocation of their investments 1there are several fire retirement variations who is fire designed for most people think that fire is meant for people who can pull in a substantial income generally in the six figures and indeed if your goal is to retire in your 30s or 40s that probably is the case that said a lot of people can learn from the movement these principles can help people save for their retirement and even achieve an early one if not quite as early as 40 and remember the first part of fire stands for financial independence something that if achieved can allow you to instead of retire work at something you love rather than something you have to do in your money or your life author vicki robin says that fire is not just about retiring early instead it teaches you how to consume less while living better 2detailed planningit s important for everyone to plan for their retirement yet according to a 2023 report the latest available from the board of governors of the federal reserve system only 31 of people who weren t retired felt that their retirement savings plans were on track 3 the fire movement stresses the importance of having a detailed plan and sticking to it principles that will aid anyone in saving for retirement and maintaining a decent emergency fund economic disciplineto achieve a fire retirement you have to maximize your income while minimizing your expenses retiring by age 40 requires you to go to extremes to succeed but everyone can benefit from making and sticking to a budget while doing all they can to earn as much money as possible whether it s by getting a better job adding a second one or creating additional revenue streams through side businesses or owning rental property wise investmentit is difficult to achieve a secure retirement without investing in a retirement savings plan fire adherents invest larger portions of their income than the average person will want to but the principle of setting aside a set percentage of your income every month for investment and starting to do that as early as possible will allow you to grow your retirement savings to a point where you are more likely to enjoy financial stability in your later years 