A&I Wealth Management > Blog > Financial Advice Services > Next Generation > FIRE: Financial Independence, Retire Early

Apparently, some millennials don’t want to work the rest of their lives. Maybe you are one of them!

Are you working toward FIRE, or Financial Independence, Retire Early?

Actually, retiring early requires a lot of figuring out!

“Figuring out how much money you will need in retirement requires knowledge far beyond most people’s grasp—and far beyond the grasp of even many professionals,” source below.

If you are, or you know, one of these folks ready to hang up the cleats before the government-ordained retirement age, make sure to contact a financial advisor at AIWM. Here is some advice you could forward to them.

Decide what are you retiring into

What makes the biggest difference in retirement is not what you are retiring from, but what you are retiring to. What are you going to do? Be specific! It is not likely to yield a good result to be vague. Instead, many psychological problems may come up when you have a lot of free time on your hands!

Money and inflation

Some statistics that say many of us—including professionals—underestimate the amount of money required to enter retirement. Today, let’s look at how we help our clients discover what will create a meaningful post-retirement journey.

We break up our retirement discovery planning into seven categories. Here are a handful of questions to ask yourself.

Goals and objectives

  • What do you want for your loved ones?
  • What professional obligations are most important to you?

Financials

  • How are your assets structured?
  • What are your liabilities?

Relationships

  • What family relationships are most meaningful to you?
  • What professional relationships would need to be addressed if something were to happen to you?

Interests

  • What are your favorite activities?
  • Are there any philanthropic causes that are very important to you?

Advisors

  • Who is managing your money?
  • What is your banking relationship?
  • Who do you want to work with?

Process

  • How do you prefer communicating with professionals you work with (in person, by phone, by email, etc.)?
  • Who else should be involved in meetings and planning sessions about your wealth?

Values

  • What are your guiding principles?
  • Can you give me an example of an opportunity you turned down for ethical reasons?
Discovery Process

In conclusion

Becoming financially independent, retiring early, is an admirable goal. However, it is a challenge. Be specific about what you want to do once you stop doing what you are doing. Millennials and generation Z may find that they are most happy creating meaning while working. And, with financial independence, you may be able to create meaningful work as well!

Sources verified May, 2024.

Financial Planning Resources

Financial resources and services for Gen Z and for Millennials

Inheritance or Windfall

When you receive a large sum of money through inheritance or windfall, your financial planner will help you develop a custom financial plan that makes room for your short-term and […]

Life Transitions

Life transitions often come hand-in-hand with a sudden change in finances. Our processes improve outcomes.

Paying For College

Comprehensive resources for college planning. Our college planning process, videos, podcasts and free college money report.

Paying for weddings

Weddings can be one of the greatest joys of parenting, and they can also be expensive!

Real Estate Planning

We deliver advanced financial planning with our independent expert team.

Values Based Investments

Learn how we enable our diverse clients to invest with their values.

Women’s Wealth and Wellness

Women have unique financial needs in different life stages, from accumulating wealth to retiring, to widowhood.

Financial Planning Articles

For Millennials and for Generation Z
Array

Creating A Budget? Here’s What to Consider

Budgeting tips for generation Z and millennials.
Read More
Array

Financial Planning for Young Adults 

Financial planning advice for millennials and generation Z.
Read More
Array

FIRE: Financial Independence, Retire Early

Some young Americans are working toward FIRE, or Financial Independence, Retire Early. Go figure. Actually, retiring early requires a lot of...
Read More
Array

Parents Who are Paying for College, Some Advice

Paying for college is expensive and difficult! Here are some tips to keep in mind.
Read More
Teaching Younger Generations Financial StewardshipArray

Seven Financial Planning Essentials for Millennials & Young Adults

Learn the seven steps that a millennial and other young adults should take to create and stick to a great financial...
Read More
Array

Ten Smart Money Habits for Millennials with FAQs

10 smart money habits for millennials starting out, with frequently asked questions and answers.
Read More
woman listening to podcastArray

Three Tips To Get Young Adults Excited To Invest

If you can get started now, you can build a great foundation of solid financial habits. Here are a few principles...
Read More
Financially Independent Retiring EarlyArray

Top 3 Tips for Millennials Building a Strong Financial Foundation

Three tips for millennials who want to build a strong financial future.
Read More
Array

You May Live to 100, says Stanford’s Map of Life

Financial planning for a long life. Explaining Stanfords map of life which shows that we may live to age 100.
Read More

How can we help?

Chat in-person during regular business hours or fill out the form!

    Unique and professional financial advice

    Our wealth management approach may be different from experiences you have had with other advisors.

    How A&I Might Help You

    Financial planning resources

    Learn some of the ways we communicate with, and educate our clients about, financial planning, investments and other important topics.

    View Latest Financial Planning Resources

    Join an event in-person or via Zoom

    We offer a broad array of events that broaden your knowledge and experiences.

    View All Events
    About the author

    Karl Frank, Certified Financial Planner ®, MSF, MBA, MA, is the President of A&I Financial Services LLC, a local business that specializes in wealth management, insurance planning, and retirement planning. Karl cares for business owners and the businesses that care for them. Learn More about Karl.