Checklist #19 · Retirement
Early Retirement (FIRE) Planning
Build the financial foundation for early retirement through extreme savings rates, expense optimization, and investment planning — whether your target is 45, 50, or 55.
27 action items~25 min to complete4 sections
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Calculate Your FIRE Number
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Define your target annual spending in retirement with precisionKey
Apply the 3.3–3.5% rule for early retirement (not 4%)Key
Calculate your FIRE number: Annual Spending ÷ Withdrawal RateKey
Add a healthcare premium buffer of $15,000–25,000/year until Medicare eligibilityWatch out
Factor in children's education costs if applicable
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25×
Your annual expenses × 25 = traditional FIRE number (4% rule)
28–30×
Recommended FIRE multiple for 40+ year retirements (3.3–3.5% rule)
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Determine the Required Savings Rate
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Calculate your current annual savings rate (savings ÷ gross income)
Map savings rate to years-to-FIRE using standard projectionsKey
Identify your target FIRE date and work backward to required savings rateAction
Assess whether your income supports the required savings rateWatch out
Model the impact of a 1–3 year flexible FIRE date
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Build the FIRE Investment Portfolio
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Invest primarily in low-cost, diversified index fundsKey
Prioritize tax-advantaged accounts in this order: HSA, 401(k) match, Roth IRA, 401(k) max, taxable
Build a taxable brokerage account alongside tax-deferred accountsKey
Understand the Roth Conversion Ladder for pre-59½ accessAction
Model sequence-of-returns risk in your withdrawal strategyWatch out
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Plan the Bridge Years
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Calculate how many years before Medicare eligibility (65) and plan healthcare specificallyKey
Model Social Security at multiple claiming ages (62, 67, 70)
Plan for boredom and identity — not just money
Establish a 'one more year' rule before pulling the triggerKey
Build a 2-year cash buffer at the time of retirementAction
Test your retirement lifestyle before fully retiring
Define what 'work' looks like in early retirement — most FIRE retirees earn some income