Daily Money - FIRE redux

This week, the New York Times published a big ol’ article on the FIRE movement, which stands for Financial Independence Retire Early. It profiles a young man who has become so wealthy that he legit owns an Iron Man suit (he’s wearing it in the story’s photos) and a rose-gold Lamborghini. Later, the piece goes on to highlight people like you and me — people who view frugality as more of a long-term path forward in life rather than a radical way to become uber-rich.

It reminded me of Money’s own coverage years of FIRE, which included a profile of Vicki Robin, who wrote the book Your Money or Your Life. This 1992 tome has served as an inspiration for those who are looking to (realistically) retire at a younger age versus their 60s or 70s. If you haven’t read Robin’s book or our story yet, you should — the information within serves as a great reminder that you have the power to make your money work for your lifestyle, whatever your dreams may be.

— Mike Ayers, executive editor

A new study by AARP says that 1 in 5 Americans over the age of 50 have nothing saved for retirement. Zero. Of course, not everybody can afford to max out their 401(k)s on an annual basis, but it is important to do what you can. Stay on top of your retirement planning — if you haven’t done a checkup on your own accounts, for example, now would be a good time. Do you make monthly contributions? What funds are you invested in? How’s your health? Ideally, you should ask yourself these questions at least twice a year… a quick gut check will never hurt.