What's your definition of financial independence?

[AARPLynne]

The "FIRE" movement (financial independence, retire early) has been heating up the last few years, but what exactly does it mean? Our experts tell us what they think of the movement and how they would go about becoming financially independent.

What's your definition of financial independence?

[gspin4]

Financial independence as defined by my friend’s Dad many years ago , is being able to pay cash for all your needs & wants.

He inspired me to work towards that goal.

I am now able to do that,including a new car I bought last year.

[2Papa]

No more worrying about your credit score, because you don’t need credit anymore.  Now that’s what I call financial independence!

[bgsdaughter]

I took early retirement (age 55) to look after my father who had dementia.  There were a few things I made sure of when I did, checked that I would have health insurance (and I did, but it cost!), the house was paid for, I had money to pay the bills and no outstanding loans.  I had to pull my belt in a little, but only until I was eligible for Social Security, and then Medicare.  It may be easy to say, oh I am going to retire, but the reality is different!   The main thing is to try to keep yourself debt free as much as you can.

[retiredtraveler]

"Independence" to me means having the income/savings/investments to afford 'everything' within reason. That is, able to purchase good insurances (health, auto, home), able to pay all bills, able to afford to pursue whatever interests/hobbies you may have, and do this without worrying about running out of money.