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FIRE Planning — Free Checklist (20 Items) | TickYouOff

Hard 20 items · 2 hours
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testuser Published 1 month ago
Lifestyle

This checklist walks you through core steps to plan for financial independence and an early retirement (FIRE). It’s for savers and investors who want a clear, actionable roadmap to calculate targets, optimise accounts, and track milestones.

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  1. Calculate current net worth — Total all assets minus liabilities, include accounts, property, and debts
  2. Track last 12 months' expenses — Use bank statements or a budgeting app to get average annual spending
  3. Determine FIRE number using the 4% rule — Multiply annual expenses by 25 (adjust if you prefer a conservative rate)
  4. Calculate progress percentage toward FIRE number — Divide net worth allocated to retirement by your FIRE number
  5. Calculate current savings rate — Divide annual savings and investments by gross (or net) income
  6. Project time to FIRE given savings rate and returns — Use an online calculator or formula to estimate years to reach FIRE
  7. Maximise tax-advantaged accounts — Prioritise accounts with tax or employer benefits before taxable accounts
  8. Contribute to employer plan to get full match — Set contributions to at least the match percentage for free return
  9. Max out ISA/IRA and other tax-wrapped accounts — Increase contributions up to annual limits where possible
  10. Increase pension contributions or benefits — Review employer pension options and contribution tax treatment
  11. Build a 3–6 month emergency fund — Keep this in an accessible account separate from investments
  12. Audit and cut recurring expenses — Cancel unused subscriptions and negotiate or switch services
  13. Identify passive income opportunities — List dividend, rental, royalty, or business income ideas to pursue
  14. Allocate to low-cost diversified funds — Use broad index funds or ETFs to keep fees low and risk diversified
  15. Set target asset allocation — Decide equity/bond split based on horizon and risk tolerance
  16. Rebalance annually or when allocation drifts — Sell or buy to restore your target allocation and control risk
  17. Develop side-income plan with goals — Pick 1–3 ideas, set monthly income targets and time commitments
  18. Automate savings and investments — Set recurring transfers the day after payday to enforce saving
  19. Set FIRE milestones and schedule quarterly reviews — Use milestones (25%, 50%, 75%, 100%) and review progress every quarter
  20. Create a tax strategy for retirement withdrawals — Plan which accounts to tap first and account for taxes and penalties
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