Statistics show that an increasing number of younger people aim leave the employment treadmill at an earlier date.
This is despite the fact that millions of workers throughout the UK are hoping to enjoy retirement when they reach state pension age.
The growing number are part of a movement which is referred to by the acronym FIRE (Financial Independence, Retire Early). However, according to a recent report from the BBC, the “retirement” element of the movement can be considered a misnomer. It stated that many of these young people are not planning on spending 50 years enjoying leisure cruises and playing bridge. Instead, they seek to squirrel enough money away via investments and savings to avoid spending decades chasing promotions and pay rises.
UK workers keen to start appreciating greater freedom sooner while appreciating a high standard of living often consult retirement planning specialists across Shropshire, Cheshire and other counties. Wealth managers provide full assessments which encompass their client’s present financials and future plans, helping many retire at an earlier age than they previously believed was possible.
Reaching the ambitious goal of FIRE status involves considerable calculation and hard work. Times Money Mentor weighed in on the movement’s activities examining a formula employed by many FIRE devotees. It explained that those attempting success must build up their net worth to be around 25 times their estimated annual spending and expenses. They can then withdraw a maximum of 4% can from their savings pot every year and enjoy early retirement.
