If you’re 35, have a solid salary from your day job, and are looking into potentially retiring early, perhaps in as soon as a few years, you may have options. Indeed, the FIRE (Financial Independence, Retire Early) movement, popularized by Millennials a few years ago, may have become somewhat less attainable after the inflationary years we’ve been through.

Even as inflation returns to normal, the last few years of price hikes aren’t going anywhere. Indeed, inflation seems to be a one-way street. In essence, the damage has already hit unless we’re in for a few years of deflation by the end of the decade.

Though a period of deflation seems unlikely, there’s a non-zero chance it could happen, especially if the productivity gains from artificial intelligence (AI) start to be realized as firms take more of a deliberate returns-based approach regarding future bets.

If you’re 35 and looking to embrace the FIRE or lean FIRE, which entails working part-time, you shouldn’t just rely on external factors.

Even if you can theoretically (semi-) retire early, you may not want to at the still-young age of 35. Perhaps you enjoy your work or want to explore a career change without worrying about the financial repercussions.

Either way, financial freedom is just that: freedom.

Whether you’re on track as a 35-year-old or miles ahead if you’re thinking about lean FIRE or something of the sort, shooting for financial freedom and flexibility is a worthy goal!

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How Much Should a 35-Year-Old Have Saved By Now?

According to Fidelity’s retirement savings guide (a pretty good roadmap to check out to see how you stack up), you should be around two times your annual salary saved by 35 and be on track to have three times put away by age 40.

So, if you’re a 35-year-old who’s pulling in $100,000 per year and you’ve got more than $200,000 saved in retirement accounts, then congratulations because you’re not just on track, you’re a bit ahead, at least according to Fidelity. If you seek more exact figures, Edward Jones cites a 35-year-old making $100,000 per year should have $140,000-205,000 saved up.

Of course, if you seek to retire sooner rather than the more traditional age of around 60, you should have a heck of a lot more, especially with the costs of living still elevated following the inflationary past couple of years. And if your wages are more or less the same as before inflation struck more than three years ago, you may feel you’re falling behind the ambitious goals needed to embrace the FIRE movement.

What If You Fall Short of Having 2x Your Income Saved?

If you’re nowhere close to having savings that are twice that of your income, do not fret. Time is still on your side. You can budget accordingly in a way that pays yourself first (stop me if you’ve heard that one before!), boost your income (not so easy to do these days!), or invest for the long term if you haven’t done so already.

Indeed, investing in high-quality blue-chip stocks can help you harness the potent power of compounding. And since time is on your side, I’d not worry if you’re 35 and behind on savings. There’s a ton of time to change things around.

Further, you may not be at your prime earnings years quite yet! So, keep your chin up and play the long game! You’re not the only Millennial who doesn’t have the recommended sum saved for retirement!

What About Early Retirement?

Unless you live incredibly frugally and choose not to have kids, achieving full FIRE can be extremely hard. Even if you can theoretically afford to retire at 35, you may not want to. Indeed, there are countless stories about people retiring comfortably in their 30s only to return to the workforce, not because they have to for financial reasons but because the lifestyle may not be for them.

Sure, some early retirees may get bored, but others may find they’d be happy seeking meaningful employment while they’re still in their prime working years. Either way, going for lean FIRE initially may make more sense so that you can test out the adjustment gradually rather than potentially setting yourself up for a shock.

Either way, you have so many options and a growing amount of financial freedom as you take steps to build up your nest egg. Perhaps the best thing a 35-year-old can do to take their savings into overdrive is to invest. The sooner, the better.

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