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#RetireBefore30
- A growing online community championing quitting work before the age of 65 has emerged with hashtags like #EarlyRetirement, #RetireBefore30, and #FinancialIndependence.
- The movement built on aggressive saving, investment, and frugality has found a new audience - and come up with new strategies for piling up cash.
- You need to reach a net worth 25 times your annual cost of living to theoretically live off your savings for the rest of your life.
- If you can bump up your savings and increase your income, you could get there even faster.
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Retiring Early Is Risky
- People underestimate the length of their life.
- Nursing homes and retirement communities are exorbitantly expensive.
- Health care costs more as you age.
- Family planning is difficult to predict.
- Access to premium Medicare and pension funds depends on the number of years you work.
- The market can be unpredictable.
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The Advantages of Retiring Early
- College degree, no student debt.
- Partner to share expenses.
- No children or relatives to care for.
- Access to health care.
- Choice of where to live.
- But all of this comes at a price.
One example is the case of Taybeepboop, a 28-year-old post-production freelancer who paid off her college debt in under a year and eventually saved enough to buy a home. Her financial advisor encouraged her to share her financial story on TikTok, but it came at a high price.
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IDEAS CURATED BY
"I think the next best thing to solving a problem is finding some humor in it." -Frank Howard Clark
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