Anyone doing FIRE? How's it going?

[BigTittyLife]

I'm aiming for a fat FIRE at 48. We're 38.
We're hoping to have a £1m pot by that age spread across different investments - some accessible at 48, others tied up until later on. On top of those investments, we have a house worth about £340K which we've paid off. We also have shares in a company which may or may not sell for a decent price at some point.

I wouldn't say we're particularly frugal and we certainly don't go to the extents of some FIRE people. I guess our biggest savings compared to others are that we don't go on holiday at the moment because of our elderly dog, and that we don't have housing costs because we live in a modest house that we've fully paid off.

We're currently putting away about 79% of our income without trying too hard.

We're invested mostly in shares-based retirement tracker funds. We're dabbling in higher risk investments but only amounts that we can afford to lose. We have private pension pots but we don't put a huge amount into those. We both have decent-ish workplace pensions which will give an income of some size at some point.

Is anyone else doing FIRE? I'm on some FIRE forums but they're quite US-dominated and can be a bit weird. I'm wondering if any MNers are FIRE-ing?

You also need to check how it’s paid then. Not all schemes deduct payments (net pay method, or salary sacrifice), you can still need to report via your tax return.

Seems to me you need to learn a bit more about financial products and how this all works.

80% of returns are due to asset allocation; just relying on default funds isn’t always the right outcome either.

We’re in a weird place where pensions are good now and we’ll be able to retire comfortably as soon as we can access the pot. However, we’re a long way from that age wise… we’ve got a massive mortgage and about to contemplate private school fees so we’ve got some life choices to make re priorities for next 15-20 years (hoping the age of accessing the pension doesn’t increase!).

@Blending123 It's good news that you're feeling positive. But never, ever use financial advisors that are supplied from/through the bank - they always just want to sell you products. They also tend to have a much more limited general knowledge of finances, pensions, products and the rest than someone who's independent.