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by ndriscoll
751 days ago
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I don't know about Europe, but in the US, there are various social safety nets that work perfectly with early retirement with some planning (a topic which comes up in "povertyFIRE" circles). There's been a shift (especially in Democrat-run states) over the last decade or two toward getting rid of asset tests for subsidies, so with planning you can get things like free healthcare, reduced electricity bills, free internet, subsidized home renovations for energy efficiency, etc. while having your assets grow in tax-shielded retirement accounts. Universities for your kids generally have asset tests for subsidies, but many of them exclude your home+retirement accounts. e.g. in New York state, this is available: https://info.nystateofhealth.ny.gov/sites/default/files/2024... You can also switch to part-time in a low-stress role rather than retire completely ("baristaFIRE" or "coastFIRE"). The trick is that you don't want health benefits from your employer so that you can get much better ones from the state instead. Usually part-time doesn't qualify for benefits so that works well. |
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I'm not saying it's impossible but it certainly isn't "anyone at anytime". In France for example 48% of people earn bellow 2000 euros per months. If you play the game you have an OK life with health care, a good flat, a car, whatever... but if you want to retire before the legal age it's next to impossible, you just can't build enough savings. If you work in a big city you'll never be able to afford a flat there, if you buy cheap property far away you'll need to pay rent in the city + mortgage.
Best case scenario you'll need a 20 years mortgage, most likely 30. You cannot be in debt to more than 30% of your net income, meaning 2k net per month gives you a 600 euros mortgage, assuming 0% mortgage you can't even afford a 150k euros property over 20 years
https://fr.statista.com/infographie/25111/distribution-des-s...