I Want to Like the FIRE Movement. Here's Why I Can't Get On Board.

Key Points

• The FIRE movement requires aggressive saving so you can retire decades ahead of the typical retirement age.

• With young kids, I cannot afford to save half my income for retirement each year.

• Longer retirements introduce more uncertainty, and I'd be worried about running out of money prematurely.

• The $23,760 Social Security bonus most retirees completely overlook ›

I love my job. But I also see my kids growing up quickly and the months and years slipping by like time is on fast forward. I wish I had more free time to spend with my family and on my hobbies, and I know a lot of people can relate.

For many, early retirement is just a pipe dream. But for proponents of the Financial Independence, Retire Early (FIRE) movement, it's a real goal. Many hope to leave the workforce well ahead of traditional retirement ages, sometimes even as young as their late 30s.

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It sounds great, and yet, it's just not for me. Try as I might, I can't seem to get past a few major concerns to jump on the FIRE bandwagon. If you're thinking about giving FIRE a try, you may want to weigh these issues too.

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I can't manage the present-day sacrifices necessary for FIRE

The reason FIRE adherents can leave the workforce decades ahead of what's considered normal is that they save aggressively during their working years -- often 50% of their income or more. This usually requires a lot of present-day sacrifices, like living in a small, affordable home and forgoing things like expensive trips while you save.

If I were on my own, I might be able to pull that off. I'm a pretty frugal person, and I can go months without any discretionary purchases. But the fact is, I'm not alone. I'm the primary breadwinner for two young children whom I hope to be able to put through college someday, if that's where their interests take them.

That necessarily means more of my budget goes to groceries, a bigger home than I'd need if I lived alone, and all the other expenses kids bring. Add in monthly college savings account deposits, and saving 50% of my income for retirement isn't really an option for me. Even if I wanted to try, any financial sacrifices I made wouldn't just affect me. They'd also limit the funds available to provide my children with things like memorable family vacations.

This isn't to say that the FIRE movement cannot work for parents. Some couples, especially those with higher incomes, may be able to work their budget out so they can save half their income without making too many sacrifices in the present. It's just not feasible for my family.

I'd worry about running out of money prematurely

Withdrawing money from your retirement accounts too quickly is a concern no matter when you retire. You don't know how long that money has to last or what kind of unexpected expenses will come up along the way. Future stock market returns are a question mark, too.

But this risk of outliving your savings is greater when you retire early. Someone retiring in their 60s might only need their savings to cover 20 years of expenses. But someone retiring in their 40s might need to stretch their dollars over 40 or 50 years. Even if you start with $2 million or more, it only takes an ill-timed recession at the start of your retirement or a few large, unexpected costs to completely throw off your carefully designed retirement budget.

Then, you could find yourself in your 50s, 60s, or even 70s facing a difficult choice: Do you try to scrape by on the savings you have, or do you come out of retirement after decades to secure another steady source of income? Even if you try to do the latter, it's not always easy to find new employment after a long gap in your work history, particularly if your expertise is in a fast-moving area, like tech.

I personally would rather retire a little later so I can give myself more time to save and reduce the number of years I have to stretch those savings over. Whenever I retire, it will hopefully be permanent.

Again, this may not be a concern for you. If you're confident you've saved up more than you need or you're willing to take the risk that you may need to come out of retirement at some point, the FIRE movement could still be a good fit.

But if either of these two issues concerns you, that could be a sign that FIRE isn't the right strategy for you. That's OK. It's possible to retire comfortably without saving anywhere close to half your income each year. You may need to retire a little bit later, but for people like me, more time to save and more money available to spend today is well worth the trade-off.

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