As you know, I’ve always felt that the (traditional interpretation of) the RE in FIRE is really another way of saying the FI part. In other words, that retiring should really be seen as having achieved financial independence. This is because becoming financially independent gives you the freedom to choose what you do next, whether that’s sitting in front of a TV all day every day *shudder*, or traveling the world, or starting a business.

One thing to keep firmly in mind, however, is that your plans for the point past FI are a strong determining factor in what you require for FI. If all you plan to do is vegetate in front of a TV, you need far less ongoing income than if you travel the world. If you travel the world, you may need less income than to start a new business and give it the runway it needs to take off.

Thus, there is a critical planning phase needed, wherein you develop a budget a “retirement” budget that’s based on how you see yourself spending your life post-retirement. This will then let you figure out how much of a portfolio of investments you need to fuel that phase without a salary.