A growing percentage of Americans believe they'll have to work well into their 60's and beyond in order to save up enough for retirement. In fact, Northwestern Mutual's 2018 Planning & Progress Study found that 73 percent of those planning to work past traditional retirement age are doing so because they don't have enough saved up to retire comfortably.
But on the other side of the spectrum, there's a cohort of people striving to retire early.
To find out where you fall, personal finance blogger Zach of Four Pillar Freedom created a simple chart that breaks down how close you are to financial independence, or early retirement, based on how much you're able to save and invest each month.
The chart assumes a few things:
- You're starting with absolutely nothing in savings
- A 7 percent annual growth rate
- Your lifestyle will stay in the same in retirement
So how close are you to financial independence? Check it out: