Actuary on Fire (Financial Independence, Retire Early)

Actuary on Fire (Financial Independence, Retire Early)


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Speaker: GJ Mellet

The goal of the FIRE movement is to replace cost of living at early retirement. FIRE won’t be possible for the majority but the goal for these members is Financial Independence (FI), i.e. to replace cost of living at retirement. Actuaries, especially consulting pensions actuaries, have the skillset and access to members to actively lead and encourage FI and the FIRE movement. The presentation will consider the impact of the following on the retirement accumulation and harvesting phases:
* The double impact of reducing and maintaining cost of living to below your means (frugality), while increasing retirement funding (surplus from frugality)
* The impact of bringing forward the retirement savings start date
* The impact of delayed retirement.

The above factors will be considered at various levels and for a number of different ages and income bands. The impact will be reflected as the change in the Income Replacement Ratio (IRR) and how long after retirement cost of living can be maintained based on a certain set of assumptions. Consider back-testing of the available FIRE tools and appropriateness of these tools in the current economic environment.

Practical outcomes:
* Is FIRE possible?
* Are FIRE tools used appropriately (past and future)?
* Risks associated with FIRE movement
* Impact on retirement if living below your means (frugality)
* The role of actuaries to promote/stimulate FIRE
* The role of actuaries to promote/stimulate FI for the average member who can’t reach FIRE

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