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Early Retirement Wisdom From 50+ Top Finance Writers

Early Retirement Wisdom From 50+ Top Finance Writers

Early Retirement

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Early Retirement Is Becoming More Popular, Seemingly By The Day

If you read much personal finance content, you know that early retirement is an increasingly popular topic these days.

Reddit has a financial independence subreddit with over 450,000 subscribers, there’s another online early retirement forum that often has over 1,000 active users online, and even our very own Money Talks Financial Forum has been burning up with posts and comments about early retirement lately.

The retirement blog genre has largely given way to the early retirement blog, and books like Early Retirement Extreme and Your Money or Your Life are flying off the shelf.

3 Personal Finance Reddit Feeds To Watch Today – The Money Mix

The Reddit Personal Finance Feed includes the latest posts from your favorite Reddit finance subreddits, all at once place. The feed currently includes: Reddit Personal Finance Reddit Frugal, and Reddit Financial Independence. We created The Reddit Personal Finance Feed to showcase the latest posts being published on the following subreddits: r/personalfinance, r/frugal, and r/financial independence.

The FIRE Movement Heats Up

The Financial Independence, Retire Early (FIRE) movement is burning up on the internet, with hundreds of blogs focused on the subject, and with a rapidly increasing amount of discussion in mainstream media.

According to J Money at Budgets Are Sexy, there are even 4 types of FIRE now.

While being able to retire at 55 might have seemed early as recently as a decade ago, the recent bull market has buoyed the hopes of many people to be able to achieve financial independence much earlier.

Dramatic stories of people saving and investing significant amounts of money and walking away from full-time work in their 40s, 30s, or even 20s, are almost becoming commonplace.

But there’s a lot of uncertainty out there as to whether even a few million dollars will be enough for an individual or a family to pay their bills for the many decades that could follow such an early retirement.

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The FIRE Extinguisher?

Earlier this fall, Suze Orman released a cloud of proverbial carbon dioxide on the FIRE movement by opining on Paula Pant’s Afford Anything Podcast that, “You need at least $5 million, or $6 million…Really, you might need $10 million,” to retire early.

FIRE enthusiasts were really hot under the collar when Ms. Orman remarked, “You will get burned if you play with FIRE.”

The reality, though, is that, despite those types of concerns, early retirement is becoming an increasingly common goal.

The FIRE Engine – The Money Mix

The Money Mix Where the money and personal finance community comes together for good. The FIRE Engine is a custom search engine powered by Google that searches the many money and personal finance blogs on the web.

50+ Top Finance Writers (and a few FIRE Enthusiasts) Share Their Wisdom and Insights About Financial Independence and Early Retirement

We see FIRE posts from some of the best personal finance blogs almost every day on The Money Jukebox.

Since the posts that are featured on The Money Jukebox are based on your clicks and votes on the site, that tells us topics like financial independence and when to retire must be pretty important to you.

Terms like early retirement and financial independence are familiar to many of us.

But personal finance is, well, personal, and the meanings can vary based on our own circumstances.

So, we reached out to over 50 top finance writers, many of whom are Money Heroes, and some prominent FIRE enthusiasts, and gave them a 10 question survey titled, “What does FIRE (Financial Independence, Retire Early) mean to you?”

This survey was a great opportunity to learn more about how the personal finance community views financial independence and early retirement, and we hope you enjoy seeing the results.

If you missed the survey but would like to share your perspective, or if you’d like to continue the conversation, you can visit our Money Talks Financial Forum.

We’ve posted similar questions there, and the conversation has taken off!

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Financial Independence Defined

How would you define financial independence?

Is it being able to pay all your bills indefinitely?  Does it include not having to work? In a family finance scenario, how do the numbers differ when compared to a single person?

Here are the answers from some of the over 50 top finance writers and FIRE enthusiasts we polled.


“Financial Independence” is:


“Passive income > future expenses.”Wealthy by 40

“Ability to experience enjoyment for myself, family & friends.” Millennial Boss

“Having enough money put aside that I do not need to work to earn money.” – Back On The Road Again

“The ability to not have to work to live and the freedom from financial stress.”Fetching Financial Freedom

“Financial independence is being able to cover all of your expenses with passive income, whether from investing or other income projects. It is important to note that to have true financial independence, you don’t alter your lifestyle to the extremes.”Wealthy Wishing

“Having enough financial wealth to live life on my own terms without the need to spend my time actively earning money.”Life Zemplified

“Having enough money to not have to work at a job if I don’t want to. Which for me means not working rather than continuing to work.” Tuppenny’s Fireplace

“I’ll know I’m financially independent when I no longer have to work for “the man” because I’ll have reached my savings goals.”Baby Boomer Super Saver

“Not being dependent on a normal income (i.e. a job) in order to live.” Joe’s GitHub Blog

“When work becomes optional.”Ms. Liz Money Matters

“You have enough money that you can quit working and be financially fine for the rest of your life.”Slow Sipping Coffee

“Working for money is optional, not required.”Am I Making Cents

“The ability to live life on my terms and make decisions without being forced to compromise on quality of life for financial gain.” – Your Money Blueprint

“Building up enough wealth to control your own life your own life. You’re no longer tied to a job or specific locale and can live as you choose.”Smile and Conquer

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Financial Independence By The Numbers

Even with all the definitions of financial independence we received, its meaning still seemed a little subjective to us.

So we also asked our survey participants a few quantitative questions that may paint a more concrete picture of what it really means to them to be financially independent.

How Big Is Your Household?

First, we asked respondents how many people are in their immediate household. Here’s the chart capturing their responses:

People In Household

We were surprised by a few of the numbers:

  • Almost 55% of the households in our survey had 3 or more people,
  • Almost 40% lived with one other person,
  • Less than 8% of respondents were single, and
  • Less than 8% of respondents had households with 5 or more people.

How Much Money To Reach Financial Independence

Second, we asked respondents what would be the minimum amount of money necessary for them to become financially independence.

Financial Independence Minimum Money

Here are some of the statistics we found interesting:

  • Over 7% believe less than $250,000 is necessary to reach financial independence,
  • Over 45% believe less than $1 million is necessary,
  • Over 36% believe somewhere between $1 million and $2 million will be enough,
  • Less than 20% believe more than $2 million will be necessary, and
  • Less than 11% believe more than $3 million will be necessary.

How Long To Achieve Financial Independence

With books like Early Retirement Extreme setting the bar high, and we were curious how long our respondents thought it might take them to achieve financial independence for themselves and/or their households.

Financial Independence How Long

Here are some of the numbers we thought were worth sharing:

  • Over 14% already identified as financially independent,
  • Another 41% believed they would reach their financial independence number within 5 years,
  • Another almost 22% believed they’d reach their number with 10 years, and
  • Less than 23% thought it would take more than 10 years to reach financial independence.

Feeds – The Money Mix

Our feeds are designed to bring you the latest and greatest money and financial news, stories, and articles. We realize that information comes in several different forms and comes from many diverse sources, so we’ve built individual feeds for the follow categories: Money Blogs Feed The Money Blogs Feed includes the latest money and personal finance …

Early Retirement Defined

Early retirement can be as subjective of a term as financial independence.

How would you define early retirement?

Is there a certain age attached to retiring early? If you retire at 55, did you retire early? Can you work during retirement and still be considered to be retired? How much?

Here are the answers from some of the over 50 top finance writers and FIRE enthusiasts we polled.


“Early Retirement” is…


“Leaving consistent employment before traditional retirement age.”Femme Cents

“Not being dependent on your primary job- having the ability to chose to work or not to work. Basically having freedom to choose what to do with you time.”Passive Income NZ

“When you struggle to find people your age to hang out with during the day time.”5 AM Joel

“Ability to walk away from W2 earnings in order to pursue personal interests without fear of meeting expense responsibilities.”HackToFI

“Not NEEDING to work 40 hours a week for someone else to meet our needs. It’s the ability to work on what we WANT to work on.”Heartland on FIRE

“Early retirement for me was quitting the 9 to 5 and no longer needing to work for a living.”Freedom Is Groovy

“I don’t believe in retirement anymore. If I have an income producing method I enjoy, I’ll work until I’m in my grave.”Life Reboot Project

“Quitting your career to pursue other interests in life without worrying about a paycheck.”Caught on FIRE

“Less than twenty hours a week of active work.”Stop Ironing Shirts

“Trading in the 9-5 type job you “have” to work at for something you truly “want” to do.”Mr. and Mrs. Money Magnet

“Retiring before age 50.”Debt Free Odyssey

“Ability to step away from full-time work and not worry about ever working again. but if you want to work on a passion project, that’s fine too.”Josh Overmyer

“Doing what you love.” AMV70R

I think people get too hung up on defining retirement. Once we reach financial independence we will choose to work and/or not work based solely on desire.”Living Life Loving Us

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Working During Early Retirement

There was a lot of variation in the answers we received about what it means to retire early.

So, we asked respondents whether they thought a person could work during retirement without losing the meaning.

Early Retirement Working

Almost 95% felt a person could keep working during early retirement and still be considered to be retired.

Less than 5% thought otherwise.

How Much Work Can An Early Retiree Do?

Since we asked the question, it’s fortunate that so many of our respondents believe a person can do at least some work during early retirement.

Here’s the question we asked:

How much work do you think a person can do during early retirement and still be considered to be retired? Is it a certain time or dollar amount or something different?


Here are some of the answers we received:


“Anything that makes you happy and does not feel like work. Doing what you love doesn’t feel like work.”Saving Joyfully

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“For me I would still consider someone early retired if doing a passion activity that can bring with it some income. I would limit the upper amount of hours to 16 hours a week.”Xrayvsn

“I don’t know that it can be defined by amount of time or a dollar amount. If their investments generate enough income for them to live on, then anything else they want to make on the side, would be like bonus income.”Mostly Always Right

“It’s whatever the person wants. The point is they get to choose what they do with their time.”Every Day By The Lake

“Thats a tough question. Going by my definition, I think you can still earn and spend time working whilst you are ‘retired’. The problem is that the word retirement brings to mind no work, all play, living off of your investments (typically at an older age). If you are young and you can live off of your investment income but you choose to still work, I might still consider that retirement because you no longer work out of necessity. Maybe there just needs to be a new term.”Capital Matters

“It’s not the time that is worked but rather the way in which the time is spent. It’s a mindset.”MikedUp Blog

“In my mind it’s time, but there are also stages of retirement. Stage 1 is no longer needing W2 income to comfortably fund your lifestyle; Stage 2 is never having to work again. Working 8-10 hours per week during Stage 1 FIRE feels like a good balance of working as little as possibly without going crazy from boredom.”The Incredible Cash Dummy

“10-15 hours a week.” – Dr. Linus at Dads Making Cents

“I think as long as the work is a choice and not a need, it’s still retirement.”Ms. Fiology

“I think a person can most certainly work when they retire early. There is a big difference between working to pay the bills and working so that you can afford the extra luxuries life has to offer (travel, dining-out). It would have to be work that either passive, a hobby, or something that does NOT have to be done to afford being retired.”Lucky Mojito

“I don’t think there’s a set time or dollar amount; it’s work that you don’t have to do. You do it because you enjoy it.”Frugal Husband

“I think if you are still actively working for income then you are not fully retired.”Money Saved Is Money Earned

“If they don’t need the money and have declared themselves retired I don’t think there’s a time or dollar amount that makes someone ‘unretired.'”A Purple Life

“It is as much about the terms of that work as the hours, is it up to you how many hours you work, who is in control?”Back On The Road Again

“Less about money and time, its more about doing what you love. Isn’t there a saying, if you love your work then it doesn’t feel like work.”We Saved Together

“As long as what they are doing to make money doesn’t interfere with what they are doing for their quality of life. Retirement is not feeling like you HAVE to do something to survive anymore. You could also call it freedom.”Netta Marie Woods

“As much as they like as long as it is their choice and not necessity.”Looking After Your Pennies

Top Personal Finance Blogs Worth Reading Today – The Money Mix

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The Maximum Age For Early Retirement

Finally, we thought it would be interesting to see what age people thought would be the maximum for early retirement.

If a person were to retire at 55, would that be early? What about 60?

Here’s a chart capturing what our respondents had to say:

Early Retirement Age

Here are some of the numbers we thought were interesting:

  • No one thought a person needed to be under 40 to retire early,
  • Less than 31% thought a person needed to be under 50 to achieve early retirement,
  • Over 52% thought a person needed to retire at 55 or younger to be an early retiree, and
  • Over 87% thought a person would have to retire before 60 to be considered early retirement.

The Best Investing Podcasts In 2018 – The Money Mix

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Closing Thoughts

After surveying over 50 of the top finance blog, retirement blog, early retirement blog, personal finance blog writers of the best personal finance blogs, money blogs, and money savings blogs, we learned basically one thing…

If you asked us how to define terms like “financial independence” or “early retirement” we’d give you the same answer:

“It depends!”

The definitions of financial independence and early retirement depend on things like who you’re talking with, what their family situation is, where they live, and what their goals are.

It’s hard to say what the next 5-10 years will bring for the FIRE movement.

Will a recession stop some FIRE walkers in their tracks?

Could a contagious FIRE cause a recession?

Is Suze Orman right, or are folks like Vicki at Your Money Or Your Life, J.D. at Get Rich Slowly, and Chad at Coach Carson?

We think that only time will tell…

What do you think?

200+ Inspiring Women In Finance Share Their Unique Stories – The Money Mix

The Ms. Money Mix Feed includes the freshest posts from some of the most talented women in finance. If you have an interest in women and money, women entrepreneurs, or personal finance for women, The Ms. Money Mix Feed has you covered. The Ms. Money Mix Feed is just one of many of on The Money Mix.

Share Your Thoughts In The Brand New Money Talks Financial Forum

We’re always working to make The Money Mix more interactive, because the personal finance community is awesome, and being able to encourage each other in our financial journeys matters.

This topic is a great opportunity to share something we’ve been working hard on to facilitate more discussion on the site!

The Money Talks Financial Forum is an interactive and lightweight forum for conversation about money, personal finance, and whatever else is on your mind.

We think it’s a great place to continue the conversation about financial independence and early retirement.

Here are 10 questions we’ve added to start off the discussion in the forum, and we’d love to learn your unique perspective on them:

  1. Is Suze Orman right? Do you think you would need $5 million to retire early?
  2. How would you define financial independence?
  3. How much money do you think you’ll need to retire, and how big is your household?
  4. How long do you think your household could live on $250,000?
  5. Are you already financially independent? If not, how long do you think it’ll take?
  6. How would you define early retirement?
  7. If you’re pursuing FIRE, what’s your plan for something like a prolonged recession?
  8. How much work can a person do and still be considered to be “retired”?
  9. What’s the maximum age you’d consider to be early for retirement?
  10. If you’re pursuing (or have already reached) FIRE, do you tell other people about it? Why or why not?

Head on over to the Money Talks Financial Forum and tell us your thoughts on these questions. You can even make your own questions anonymously for others to answer!

Special thanks to The Butler Journal, Partners In FIRE, The FIRE Lane, My Best Friend The Money Guy, DIY 2 FI, Five Alarm Finance, Full Time Finance, Reluctant Frugalist, Dr. Breathe Easy Finance, Middle Age Money Man, and Arrest Your Debt for kicking off the conversation!

5 Influential Money Blogs You Should Read Today – The Money Mix

The Money Jukebox is the first and only regular “round-up”or “best of” series of its kind. It’s curated both for and by the personal finance community, featuring some of the newest best posts from the top money blogs and best personal finance blogs within days (or even hours!) of their publishing.

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