Coast FIRE Explained
Explore Coast FIRE, a strategic method within the FIRE movement that focuses on saving enough for retirement early, then 'coasting' without additional savings.
Coast FIRE (Financial Independence, Retire Early) is a unique strategy within the FIRE movement. It involves saving enough money early in life to fund retirement, allowing one to potentially stop additional retirement savings later on. This approach focuses on achieving a level of financial security where future savings are no longer necessary to retire comfortably.
Key Principles of Coast FIRE
The strategy revolves around aggressive early savings, after which one can ‘coast’ through their working years without the pressure of saving for retirement.
A Real-Life Example: The Path to Coast FIRE
Imagine an individual who aggressively saves for retirement in their 20s and 30s. By 40, they have accumulated enough to fund retirement at 65, allowing them to focus on current expenses without additional retirement savings.
Benefits of Coast FIRE
- Early Financial Security: Provides peace of mind knowing retirement is secure.
- Workplace Flexibility: Allows for career changes or reduced hours without financial stress.
- Focus on Present Needs: Shifts financial focus to current lifestyle and expenses.
Incorporating Coast FIRE into Financial Planning
Coast FIRE appeals to those seeking early financial security while maintaining the freedom to adjust work and life balance.
Plan for Coast FIRE with ProjectionLab
ProjectionLab enables you to plan and assess your path to Coast FIRE. By calculating the required savings and forecasting future financial scenarios, ProjectionLab helps strategize your journey towards financial independence and a balanced life. Discover the potential of Coast FIRE in your financial planning at ProjectionLab.
