The FIRE movement: More than just early retirement

The Financial Independence, Retire Early, or FIRE, movement is built on saving aggressively along with investing wisely in predictable assets. While some people commit to saving 50% or more of their income to leave the workforce decades early, the overall principles can benefit anyone seeking greater financial freedom.

The idea is that you can focus on what truly matters: Maybe it’s the flexibility to change careers without worrying about a temporary reduction in income, or the freedom to start a part-time business to spend more time with your kids.

“It’s about finding the balance,” emphasizes Jessica Bole, JD, CEPA, Wealth Planner at Huntington Private Bank. “Finding balance means not sacrificing so much for the endgame that you’re not enjoying the process.”

Understanding your why

Financial experts consistently emphasize the importance of knowing what you're retiring toward, not just what you're retiring from.

“I've had numerous conversations with people who might be at a point in their career when they’re not enjoying work as much,” says Jill Garvey, CPA, CFP^®, Senior Vice President and Senior Wealth Strategist at Huntington. Those clients realize their focus needs to change. “Time is our most precious resource,” she continues. “Having time to devote to your health, your hobbies, your family.”

Bole sees similar themes.

When Bole asks clients, “What does retirement look like for you? You want to retire, and then what?” the answers vary dramatically: enjoying grandchildren, traveling extensively, or pursuing long-delayed passions. This clarity of purpose provides true satisfaction—the financial picture is just a way to get there.

Getting practical: Building financial freedom 
the FIRE way

So where do you start if you want to use these principles to maximize your future opportunities? Our experts offer a few (mostly pain-free) places to start.

Optimize your retirement accounts first. “Max out your 401(k),” Garvey advises, noting that any company match is free money. For younger professionals, Bole recommends leveraging annual raises: “The money never hits your account, and you can push it away in a tax-advantaged way.”

Evaluate recurring expenses. Small, recurring charges silently erode financial progress. One wealth advisor shared how a client was shocked to discover how much they spent on lawn care in a single year, while other people may be surprised to discover the total costs of food delivery or streaming services.

Create dedicated financial buckets. Sometimes called the “envelope system,” organizing your money into purpose-specific accounts can help get rid of the guilt that often accompanies spending. “If you allocate dollars for your vacation, when it’s time to go on that vacation you’re not having to pull from your savings bucket,” Bole explains.

Establish your safety net. Before focusing on aggressive investing, financial independence, or early-retirement goals, ensure you have at least three to six months of living expenses in cash.

Calculate your target number. Common FIRE calculations include the “25x rule”—saving 25 times your annual expenses. Garvey suggests a similar rule of thumb: “For every $1,000 I want to spend monthly,” she says of retirement, “I would need to have at least $240,000.” For example, if you have $7000 worth of expenses each month in retirement, you’d need to have $1.68M in retirement savings.

Charting your path to financial independence

The beauty of the FIRE method is its adaptability. “The underlying principle for anyone who’s about to consider this is to understand what their real priorities are, what their goals are, and if this aligns with what they’re trying to accomplish,” Bole summarizes.

What financial independence ultimately provides isn’t just money—it’s options.

“It gives you flexibility,” says Garvey. “The more cushion you have and the more you've saved, the more independent you are from having to be in a job that you are no longer passionate about.”