Proponents of the FIRE movement, an acronym for 'financial independence, retire early,' say by planning and making some life changes, you can stop working in your 40s or maybe even your 30s. How does it work, and could it work for you?
Early retirement used to mean leaving the workforce at age 50. But a growing group of full-time workers are planning to quit even earlier.
"My husband and I had jobs that we loved, actually," Hester told CNBC's"On The Money" in a recent interview."I think there's a common misconception that those of us pursuing early retirement are doing it because we hate work. Or we feel like we shouldn't have to work. It really couldn't have been farther from the truth for us. It was just that we felt the toll that work was taking and we knew we couldn't sustain that pace until age 65.
"Mark and I are much less frugal. We weren't natural super-savers. And I wanted to show folks even if you don't love counting every cent you spend on your groceries, you can still pursue early retirement or some form of it." Her blog writing evolved into a new book,"Work Optional: Retire Early the Non-Penny-Pinching Way," where she suggests these tips among many,"Be clear on what life you want to live. You need to know how much it costs. Second, be clear on your spending."
But what happens down the road if you're not working and you get an illness, have an accident or something else you hadn't anticipated?
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