Coast FI | The FIRE Movement Series

Welcome to Episode 4 of my FIRE Movement series! We're getting into my favorite varieties of financial independence! 😊
CoastFI Calculator: walletburst.com/tools/coast-f...
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[@wildfoodietours]

The FIRE movement is a game changer! Your explanations are helpful and I love the idea of Coast FIRE to front-load investments where you can choose a fun part-time job to pay the bills until you get to actual FI.

[@singleparentfire2363]

I’m technically at coast fire now but the thought of having to work until 67 is depressing to me so I’m working hard to retire early at 50 or 55. Wish I was in my 20s doing this but I’m a late starter at 40 but I’m still trying my best.

[@PersonalFinancewithLeila]

That's still an amazing accomplishment! Have you thought about switching to a job you find more enjoyable?

[@singleparentfire2363]

@@PersonalFinancewithLeila I can’t, I have a severely disabled daughter and can’t risk jeopardizing her financial future. If I was kid free I would 100% find a more enjoyable job and take a pay cut.

[@FIRE_DrNinjaTurtle]

I am a late starter as well. I retired at 58.5 years old and my pension started at 60.

[@autobotdiva9268]

having to work until 67....girl you know better than that, lol

[@emilyau8023]

You also have to factor in inflation, and if your returns are not 7%.

[@kevinj9390]

It’s worth noting that in the calculator you used the inflation just adjusts down the growth rate you input but not adjusting up your assumed retirement spending. In your example, $40K retirement spending by the time you get to 2060 is the likely equivalent of only spending $13500 in 2023 dollars assuming an average 3% inflation over 37 years. If, in turn, you wanted to spend the equivalent of $40K(2023) in 2060 you’d need to input a retirement spending of $120K.

[@creativelove1005]

I've been loving the content lately. Helps me explain the fire movement to family members

[@QuesttoFIRE]

Nice calculator! I hadn’t seen that one before. I hit coast FI a year or two ago. It’s definitely a motivating milestone to hit! But I do want to RE, so the aggressive investing continues. 😊

[@autobotdiva9268]

yay!!!

[@Akaypot]

Hopeful to hit Coast FI this December!! My motivation was being able to work part time/have a few years out of work for when I have children (God willing) and not having to worry about catching up with retirement!

[@PersonalFinancewithLeila]

That's so exciting!!

[@nomadicvibesofelle]

The calculator was really helpful. I am 6 years from coast fi. Hoping to increase my contributions enough to drop that down to 4 years

[@KatieoftheHouse]

I’ve never heard of this, but I’m intrigued! I’ll definitely be playing with this calculator. Thanks for sharing!

[@colorsofavon934]

TFS! This was very interesting. 🧡

[@budgetnerds]

Great video thanks! I'm going to play around with that calculator! I would like to reach FI by retirement age, but don't realy want to persue RE, so this might be a good one for me!

[@erdrick22]

Great explanation!

[@inea-fijourney22]

loving these series! Im currently on my way to reach coast fi in a couple of months! But will definitrly keep on going until traditional fire.

[@PersonalFinancewithLeila]

So exciting!!

[@wealthbuildingstory]

The further along I get in my journey, the more I think CoastFI is for me

[@PersonalFinancewithLeila]

CoastFI is the best honestly! CoastFI into SlowFI 👌🏻

[@mattrobertchampoux]

Something to consider would be how old you are compared to when you start to coast. If your 30 and coast till 60 your 1.5 mil would only be about 750k in todays money due to inflation.

[@kay203]

Depending on the assumption changes (growth and inflation), I'm reaching coast FI in 4~8 years (I"m 35 now). But... going for full FI (expected at around 50 ish) and then fully retire, rather than coast FI and take less paying job

[@Daniel-iy4zy]

Would you mind linking the calculator again? I can’t find it in the description

[@PersonalFinancewithLeila]

So sorry I left that out! walletburst.com/tools/coast-fire-calc/

[@FIRE_DrNinjaTurtle]

I am at coast FI.

[@kevinbuechter4692]

good vid

[@emilyau8023]

Beginning this at age 23! I wish I knew about this at 19.

[@PersonalFinancewithLeila]

Me too! But 23 is still soooo young and you're in a good field! 👏🏻

[@melissab0515]

We are at coast fire but my one issue is some of it is in cash and I am in a disagreement with hubby on investing vs leaving some in HYSA. It’s about 50/50 now.

[@PersonalFinancewithLeila]

Congrats!! But yeah that's definitely tricky. Personally, I would keep 1 year of expenses in cash and invest the rest!

[@brianfp5712]

Would potential pensions and social security (US context) change the Coast FI number? Meaning it could be a lot less factoring any additional streams of income at projected offramp age?

[@PersonalFinancewithLeila]

Oh yeah definitely!! So usually that isn't used when calculating any FI numbers which means you'll be even better off in the future

[@salesmans1]

Is social security included in the calculator? If not then that the numbers are no accurate, and that changes everything

[@PersonalFinancewithLeila]

No it's purposefully left off because then you are even more prepared for retirement.

[@SpicyKimchi-]

What if it says my coast FI is the same age as my desired retirement age? Does that mean it’s not just coast but actual FIRE age?

[@emilyau8023]

People doing coast fire are still retiring at 65. It just means you can take a lower paying job or rest somewhat easy about retirement or contribute less when you hit coast fire. If your coast fire number can only be reached at 65 or later, then you need to contribute more by increasing your income. For instance, my fire number is 1.2 million or greater, but my coast fire is 300k. When I hit 300k I can mentally rest easy knowing it's likely I'll be alright. But, predictions don't always go to plan, so I'll always contribute the same amount. It's just for mental relief for me.