October 11, 2024

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Five Early Retirement Mistakes to Avoid

Five Early Retirement Mistakes to Avoid

Editor’s note: This is part seven of an ongoing series throughout this year focused on how to retire early and the FIRE (Financial Independence, Retire Early) movement. Part One is How to Retire Early in Six Steps. Part two is How to Retire at 40. Part three is How to Retire Early by 50. Part four is Retire Early for Adventure: Go Travel and Volunteer. Part five is Will Retiring Early Make You Happier? It’s Complicated. Our latest article is Early Retirement Withdrawal Strategies for the Long Haul.

The allure of early retirement lies in the prospect of gaining greater freedom over time. However, as you work toward getting there, time is not on your side. Those who join the FIRE movement aim to save and invest aggressively — upwards of 50 to 75% of their income — to achieve financial independence and retire early in their 30s, 40s or 50s. With such an ambitious target date, there’s less time to recover from mistakes along the way.


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