I opened up a Personal Capital account a few months ago and I love it. Knowing my net worth motivates me to put more money away for retirement.
Since I’ve been binge-reading (is that a thing?) the blog Our Next Life and binge-listening-to The Fairer Cents (OK I can’t binge on this too much since it’s new), I’ve gotten curious about whether or not I’m on track to become financially independent when I want to be–in about 10 years.
Basically, I look at my age and my net worth and I am in the category “sufficient.”
This isn’t surprising to me. When I ask my financial planner if I’m on track, she says “yes” without a whole lot of enthusiasm.
What does kind of surprise me is that “sufficient” means having, “just enough for a modest yet still dignified financial future and retirement. But having to work past the planned retirement age is likely.” Not good if I want to retire early.
But it looks like the dollar amount is equivalent to what one would pay living in New York. So there are some other calculations to figure. Also, I’m not sure if the amount of money includes a pension. Since I’m just looking to the chart for general info, though, I’m not going to start doing calculations.
I will see what I can do to up my savings though!