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I'm sure it's possible, but I imagine it would be difficult. Especially in this economy. My retirement account contributions are a big part of my overall FIRE plan.
I plan on achieving FIRE through entrepreneurship. Way higher income ceiling, much less taxes, and not as closely tied to time like retirement accounts are.
Retirement plans are only good if you want to just sit back, do 0 work and retire at 50-60.
My backup plan is to just continue working at my current W2 job, as most people do, and let my IRA/401K help me retire.
So my “backup” is most people’s main plan. However, my upside is the opportunity to retire early.
My point is, stock portfolios and retirement accounts aren’t meant for retiring early. It’s designed for you to retire when you’re 50-60. If you want to retire early, you have to put work in. Can’t just sit around and wait for your money to grow by itself
Powerball personally
Mentor
You can achieve FIRE without putting money into retirement vehicles… the assets that you accumulate outside of retirement vehicles can still be used for the purposes of retirement…
I have several clients where the bulk of their assets are outside of retirement accounts… retirement accounts are great for tax advantage status and they’re certainly a good place to start for most…
What’s the argument for not using retirement accounts?
Mentor
Att - you are missing Roth conversion ladder and withdrawal of Roth contributions.
Yes, it takes some planning, but it’s certainly possible to retire predominantly using tax advantaged accounts
Real estate is part of the picture, but so are retirement accounts and brokerage. I didn’t buy an investment property but kept my apartment from when I was single and am now renting that out. My spouse also owned property before we met. By the time we both hang it up I expect 3 paid off properties - 1 to live in and 2 that generate $10k/month combined in today dollars. Similar amount per month from retirement and brokerage in today dollars if we retire now.
Subject Expert
Why would we want to do that?
We own 3 properties but none generate regular income. By choice.
But we have mid 8 figures of QQQM and VOO. That’s our source of “income.”