What would it take to retire by age 50?

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Millennials are the most diverse generation of adults to date. The traditional norms that may have governed our idea of adulthood, such as living away from family or marrying in our 20s, may be transitioning into something that more accurately reflects this generation.
Photo by Sam Manns on Unsplash

A growing number of millennials are investing in the financial independence/retire early (FIRE) movement, so that they can retire by age 50.

Considering that only half of Americans can cover unexpected expenses, such as a car repair or a hospital stay, and that only about 40 percent of millennials have enough savings to cover living costs for three months, some wonder whether early retirement as outlined by the FIRE movement is achievable.

According to millennials who've retired early, one can join the FIRE movement with any income. To reach the early-retirement goal, however, you must be frugal, open to working long hours and willing to balance multiple side hustles.

MPR News host Kerri Miller spoke with the host of the Popcorn Finance Podcast, Chris Browning, and the Frugal Feminista, Kara Stevens, about why young Americans are considering early retirement and how they can achieve it.