In this retirement podcast episode, Jason gives you the formulas you can use to determine if you have achieved financial independence. The formulas discussed are as follows: Guaranteed annual income + 3.5% of your retirement assets divided by your essential expenses.

Sound Retirement Income Score
Guaranteed income divided by your essential expenses =

Retirement Savings Ratio
Essential expenses – guaranteed income = portfolio withdrawals.
Portfolio withdrawals x .035 if assuming a 3.5% withdrawal rate or x .040 if assuming a 4% withdrawal rate. Have you saved enough?

Debt To Assets Ratio
Total debt divided into total assets. Ideally debt is 20% or less of total assets.

Withdrawal % throughout retirement
Does your withdrawal % remain below 4% throughout retirement?
https://retirementbudgetcalculator.com/

Millionaire Next Door Formula
multiply your age times your gross annual household income and then divide by 10:
65 x 120,000 = \$7,800,000 /10 = \$780,000
Or
65 year old who is earning 120k per year would be as follows: 65x(\$120,000/10) = 120,000/10= \$12,000 x 65 = \$780,000