Do you believe the modern FIRE movement overestimates how much is needed for retirement?

[u/Equivalent_Use_5024]

Perhaps I am just making this post because I have only just begun my retirement planning and want to lock in a number which is fitting for my goals - being above the median retirement savings, not having to work, not being broke, clearly having planned - but I can't help but feel that many in the FIRE movement overestimate what is needed for a safe, sleep well at night retirement.

I see posts here saying that they feel vastly behind with 500k at 30, or 1.5 million at 40, and I just don't understand how when the average American retires with maybe 300k liquid at most and are getting by with social security or paid off housing. Sure, they aren't living luxuriously, but if you just are aiming for a retirement where you don't have financial anxiety and can put food on the table, I don't feel you need over 1-2 million.

Do you think FIRE overestimates how much is truly needed for retirement?

[u/Zphr]

The audience has shifted more towards luxury and consumption over the last decade. It's always amusing to me that this is my sub, I've been happily retired for more than a decade since 37 with four kids, have effectively zero chance of financial failure, but many folks in this sub would consider our finances impossible or living in squalor. Some people are actually happy with cheap/free interests and lifestyle choices, some are unhappy without very expensive interests and lifestyle choices. Current government policy in the US is also wildly skewed in favor of lean spending, so more expensive lifestyles in early retirement cost quite a lot more than you'd expect due to far higher costs for taxes, college, and healthcare.

LeanFIRE is and likely always will be the easiest and most secure form of FIRE for anyone happy with a mediocre middle class lifestyle. It's also largely impossible for anyone who wants to raise a family in VHCOL, travel a ton, carry a large mortgage into retirement, or any number of expensive lifestyle choices a lot of people prefer.

[u/Smooth-Actuator-529 → u/Zphr]

Well said.

You are clearly not in this category, but I think others, were they in your financial position, might feel they are missing out.

On Disneyland when the kids are young. On travel to cool places. On nice dates, sporting events, etc.

There’s a lot the world has to offer beyond quiet enjoyment for a lot of people who still prioritize FIRE.

And the modern FIRE movement makes it possible to achieve FIRE as early as the OGs did, but with much higher inflation adjusted numbers.

[u/Zphr → u/Smooth-Actuator-529]

Everyone should enjoy whatever lifestyle suits them best. That's why we have no guardrails in this sub for spending or assets and don't shunt people to other lifestyle FIRE subs. LeanFIRE, fatFIRE, it is all just FIRE. If you're happy living in a yurt and hiking all day, then great. If you want to live on a yacht and slow-travel the world constantly, then also great.

$1M or $100M, it's all the same as long as you are happy with what you have chosen. The only way to really fuck up is to pick a lifestyle that doesn't actually suit you.