Feb 22, 2023
Advocates of FIRE (Financial Independence Retire Early) often talk about the end result of using their model: freedom with your time, money, and resources. And far be it from me to argue with those concepts. I am not anti-FIRE – after all, I want you to find financial freedom so you can practice medicine because you want to and not because you have to.
However, what we’ve found is that FIRE proponents don’t often talk about the actual path to financial freedom – the how of it all, and what it actually looks like once you reach your early retirement goal.
Specifically, how do you even access your retirement funds ahead of time? Because there’s a 10% tax penalty for early retirement withdrawal before you reach age 59 and a half. And that’s on top of the amount you’re already set to be taxed for using pre-tax funds.
So… what gives?
If you want to retire by age 45 or 50, you have to know how to bridge that 10% gap. So we’ve compiled several different options you can research (because personal finance is personal) and make educated choices towards your own early retirement goals.
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Looking to increase your financial literacy? Check out Medical Degree Financial University → www.MDFU.co