Thread

1. sschueller · 1790226677 · focus · HN ↗

   > Based on the available data, the percentage of the U.S. population that can realistically achieve FIRE (Financial Independence, Retire Early) is very small, likely less than 1% to 3%. This figure represents those who can both meet the strict financial criteria and successfully execute the plan to retire decades before the traditional age.

   According to Gallup polling, only 1% of Americans in their early 40s are retired, and just 6% of those in their early 50s have left the workforce. [1]

   Nice if you can do it. Most of us will never be able to.

   [1] <a href="https:&#x2F;&#x2F;www.investopedia.com&#x2F;what-percentage-of-people-achieve-financial-freedom-before-turning-50-and-how-yo-1775758391009-11946758#1" rel="nofollow">https:&#x2F;&#x2F;www.investopedia.com&#x2F;what-percentage-of-people-achie...

   1. vincnetas · 1790233031 · focus · HN ↗

      in the US, local governments (counties, cities, school districts) rely heavily on property taxes because they have limited other revenue-raising powers. In the EU, the picture is almost the opposite: property taxes are a minor funding source, and national governments raise most of the money through labour, consumption, and income taxes. This makes quite difficult to grow old in USA in a sense that you cant just reduce your consumption and live of the savings. You need to move to cheaper area leaving all your life behind. Most important thing that you have at the end of your life. Your memories your friends and places that you are used to. So you need to keep working to be able to stay where you are.

      1. goalieca · 1790248900 · focus · HN ↗

         You can look to Canada for high income taxes, high property taxes, and high sales tax. We also have high usage fees and parking fees.
      2. QuiEgo · 1790257565 · focus · HN ↗

         Also, heath care costs if you don’t have insurance through an employer are a huge drag on FIRE, especially since you’ll likely need more medical care going into your 40s and 50s before you can get Medicare.

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