Fat Fire Question

[livingalmostlarge]

So for people who retired with Fat FIRE. Did you work longer and get stuck with OMY? How did you decide you have enough? Is it ridiculous to think about needing 6 figures to retire?

 

[bloom2708]

It is relative to your spending while working.

Say your last year of w*rk you spent $120k.

Fat FIRE would imply spending $120k-$150k+. You spend the same or more than when w*rking.

One More Year is real. One less year taking from your portfolio, paying for health insurance. One year closer to Medicare/SS.

 

[MichaelB]

I’m not quite sure what “Fat FIRE” is. Perhaps the OP or someone can define it for us.

 

[ivinsfan]

Why is fat fire any different to regular fire AFA one more year? The numbers have to work no matter how fat your fire is.

 

[bloom2708]

Lean FIRE is retiring on a smaller/much smaller spend than when working. You do anything to quit.

Fat FIRE is retiring and increasing spending. Or at least maintaining your working level of spend.

 

[flintnational]

Fire status is based on BMI (Body Mass Index).

Lean Fire - BMI under 25
Moderate Fire - BMI from 26-29
Fat Fire - BMI over 30

It's a joke. It's just a joke.

 

[twaddle]

Is it ridiculous to think about needing 6 figures to retire?

6 figures is too few figures, I'd think.

 

[braumeister]

Most here would consider any version to be phat FIRE, I think.

phat: highly attractive or gratifying, excellent

 

[disneysteve]

6 figures is too few figures, I'd think.

I thought the same. I'm guessing they meant 7 figures.

 

[twaddle]

7 is a good number. 8 would be fat!

 

[SloHan]

I'm reading this thread and now I have Queen Fat Bottomed Girls playing in my head

 

[flyingaway]

I guess 6 figures in a number is the annual spending in fatFIRE. If you make $1M a year, you can fatFIRE with many less years.

 

[jollystomper]

So for people who retired with Fat FIRE. Did you work longer and get stuck with OMY? How did you decide you have enough? Is it ridiculous to think about needing 6 figures to retire?

I do not know if I am "fat fire", but you can read about my OMY glide path to retirement under those "I have enough" conditions here: https://www.early-retirement.org/forums/f28/omy-glide-path-plans-81406.html

 

[USGrant1962]

The sites that use the terms fat FIRE and lean FIRE generally say spending >$100K/year is fat and <$30-40K/year is lean.

 

[twaddle]

First google hit says: "Fat FIRE assumes you're going to be living on $200,000 per year or more"

I was expecting to see a picture of bacon on fire.

 

[mickj]

Don’t forget ‘barista FiRE’

So many types

 

[Happyras]

I guess we are obese fire[emoji30]

 

[Golden sunsets]

So for people who retired with Fat FIRE. Did you work longer and get stuck with OMY? How did you decide you have enough? Is it ridiculous to think about needing 6 figures to retire?

OP; To answer your actual questions:

1) No I didn't work longer, but I wasn't focused on retiring. I just worked until I didn't want to any longer. I liked my job, which was fortunate for me.

2) By the time I retired, I knew we had enough because our retirement budget only required that we withdraw less than 1% of our assets, which together with pensions and SS allow us to spend well over $200K/yr.

3) I'm not quite sure about your 6 figure question, but if we accept that fat fire means spending $200,000+, then by definition you'll need to earn a good six figure salary consistently, while living below your means unless some windfall occurs.

 

[timbervest]

my idea of Fat Fire

 

[ncbill]

Fire status is based on BMI (Body Mass Index).

Lean Fire - BMI under 25
Moderate Fire - BMI from 26-29
Fat Fire - BMI over 30

It's a joke. It's just a joke.

DEFINITELY FatFire here....

 

[ncbill]

The sites that use the terms fat FIRE and lean FIRE generally say spending >$100K/year is fat and <$30-40K/year is lean.

I assume they mean discretionary spending...$100k/year total in a HCOL might be mostly required spending.

E.g. look at Financial Samurai who claims his family can't live comfortably in San Francisco on $250k/year!

 

[corn18]

I made a chart to track my progress.

Lean FIRE = base budget
FIRE = base + $15k blow that dough (BTD)
Fat FIRE = base + $30k BTD
Obese FIRE = base + $50k BTD
Morbidly Obese FIRE = base + $75k BTD

I put in my notice expecting to be fat FIRE. A generous severance package has pushed us closer to obese FIRE. Life is good.

 

[USGrant1962]

I assume they mean discretionary spending...$100k/year total in a HCOL might be mostly required spending.

E.g. look at Financial Samurai who claims his family can't live comfortably in San Francisco on $250k/year!

Nope. They are looking at the average household income of ~$60K. Approaching half is lean, approaching double is fat. No more complicated than that. I understand the terms were first popularized on reddit among the wannabe under 40-year old FIRE community.

And yes, they also use barista FIRE - but I think that means you still need some income (baristas wages) but consider yourself FIRE anyway

 

[Dtail]

I have also seen over 100k spending as Fat fire, but I would think it probably is higher than that number.

 

[thefist]

So for people who retired with Fat FIRE. Did you work longer and get stuck with OMY? How did you decide you have enough? Is it ridiculous to think about needing 6 figures to retire?

Well, you need to pay for your lifestyle, whatever that is. fat, lean, barista, coastal, obese... who cares. FIRE is about stopping when you've saved enough to support YOUR desired lifestyle. If you cross a threshold I guess you get a catchy title! I suppose mine is fistFIRE! It involves a lot of golf, hiking, tacos, pizza and BBQ.