--- title: Retirement Savings Strategies | TIME description: A look at the “FIRE” movement and how to save for retirement. canonical: https://time.com/video/xXbBsuCF/ og:title: Retirement Savings Strategies og:description: A look at the “FIRE” movement and how to save for retirement. og:url: https://time.com/video/xXbBsuCF/ og:image: https://cdn.jwplayer.com/v2/media/xXbBsuCF/poster.jpg?width=720 og:type: video.other twitter:card: summary_large_image twitter:title: Retirement Savings Strategies twitter:description: A look at the “FIRE” movement and how to save for retirement. twitter:image: https://cdn.jwplayer.com/v2/media/xXbBsuCF/poster.jpg?width=720 --- # Retirement Savings Strategies > Sponsored content. Supplied in partnership with TIME. 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They are at time.com/newsletters and are separate from a paid subscription. ## Video: Retirement Savings Strategies [Watch (HLS stream): Retirement Savings Strategies](https://cdn.jwplayer.com/manifests/xXbBsuCF.m3u8) (3:09)  _Published 2018-12-19. A look at the “FIRE” movement and how to save for retirement._ --- Jul 28, 2023 1:00 AM UTC --- ## More From This Series [All Videos](https://time.com/video/) [What To Do If You Didn't Save For Retirement](/video/l0NEY3wF/) ### What To Do If You Didn't Save For Retirement [Retirement Bucket Savings](/video/xDWHHtIG/) ### Retirement Bucket Savings [How to Save Your Retirement](/video/zJ7B8tfG/) ### How to Save Your Retirement --- ## Transcript [ MUSIC ] How much money does it really take to retire? When it comes to retirement there are two schools of thought. Keep working until you can't any more or the millennial financial dream to quit the workforce decades in advance. In your 30s, 40s or maybe even as early as your 20s. And to only work for pay after that if you want to on your own terms. Unsurprisingly, these outlooks have very different saving strategies. One essasitates that you save at least 10 % of your annual income and wait until you hit the rippled age of 67 to cash out. While the FIRE movement, which stands for Financial Independence Retire Early, encourages people to adopt radical saving practices. Followers must save at least 50 % of their paychecks during the early part of their careers until about 35 or 40. Which is when FIRE folks estimate that their income generating investments will pay out enough to support their living expenses. But is it actually possible to save up enough of a nest egg That far in advance to sustain an early retirement. It can depend on the stock market and how lucky you are in retirement. But if you retire at the top of the bowl market and don't update your risk profile you might not be as prepared for the road ahead. 20 % Decline in the stock market is not unheard of. And if you're forced to withdraw money from your accounts as their balance declines, that could deplete your NASDAQ much quicker than anticipated. To make up the difference, you might be forced to reenter the workforce at a much later stage in your life. That could be hard since your skills and your contacts up to date. Even financial benchmarks may shift over the years. While saving $ 1 million for retirement was once considered a sure fire amount to live comfortably, times have changed and that figure may no longer be enough. According to the personal finance site Go Banking Rates, for those living in New York City, $ 1 million will last less than two decades, covering annual expenses of $ 57, 000 a year. Meanwhile, in Houston, where annual expenditures were around $ 40, 000 a year, $ 1 million could buy you 26 years of retirement. No wonder that personal finance guru, Suze Orman believes early retirement leaves you at a greater financial risk. She appeared on blogger Paula Pant's podcast saying this. Listen everybody, I know you want to retire at 25, at 30 and 35. But here is the problem as I speak to you at 67 years of age, approaching 70. As you get Older things happen. Not only do things happen as you get older, things happen when you are younger. You're hit by a car, you fall down on the ice, you get sick, you get cancer, things happen. If you have 20, 30, 50 or $ 100 million be like me, okay? Do you have that kind of money and you wanna retire. Fine. While Ormans retirement estimates may be lofty, she also points out the years of compounding interest you miss out on when you leave the workforce too early, cuz you're no longer making regular contributions to your retirement accounts. It remains to be Be seen if the fire movement is a passing fad made only for a bull market. But with so many long- term investing strategies available, it's important to remember to plan for life's many detours to ensure your money lasts as long as you do. ```json {"@context":"https://schema.org","@type":"VideoObject","name":"Retirement Savings Strategies","description":"A look at the “FIRE” movement and how to save for retirement.","thumbnailUrl":"https://cdn.jwplayer.com/v2/media/xXbBsuCF/poster.jpg?width=720","uploadDate":"2018-12-19T22:12:07.000Z","contentUrl":"https://cdn.jwplayer.com/manifests/xXbBsuCF.m3u8","embedUrl":"https://time.com/video/xXbBsuCF/","duration":"PT3M9S","potentialAction":{"@type":"SeekToAction","target":"https://time.com/video/xXbBsuCF/?jw_start={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"}} ```