Despite America being one of the world’s best economies, the typical person living in the United States falls woefully short of saving for a comfortable retirement. According to studies, the median retirement savings across all U.S. families is $87,000. So, if you’re at or around $100,000 today, I have two crucial nuggets of good news for you.

First, you’re doing better than you might give yourself credit for, so give yourself some love. Second, the next $100,000 will feel much easier, thanks to the power of compounding.

Yes, retiring with $1 million or more in savings is attainable. However, the work to get there may depend on your life circumstances once you hit that first $100,000 milestone.

Here are three scenarios to outline what you can expect moving forward. Remember, you’re never out of the game, no matter where you start.

Scenario No. 1: You’re ahead of the game

The typical family doesn’t have $100,000 saved, so hitting this goal anytime before age 35 puts you well ahead of the game. Perhaps you are a high earner or lived frugally during your 20s and early 30s. Regardless of your circumstances, you can ease off the gas over the coming decades. Suppose you have this $100,000 invested in a diversified portfolio that generates an annualized return of 8%.

Assuming you’re 35, you would retire at 65 with almost $1.1 million without adding another penny. You could achieve FIRE (financial independence, retire early). For example, if you contributed $500 per month starting at 35, you would cross $1 million in savings by age 58. Bump that to $1,000, and you’ll hit $1 million by age 55. The bottom line is that you would have options, which is what financial independence is all about.

Scenario No. 2: You got a late start

Most families get a late start, based on the data on what people retire with. That’s OK. Life happens: People buy homes, start families, and have student loans. No, the math isn’t as friendly if you’re starting later, but there is still tons of time to build a comfortable retirement. For this scenario, imagine a family starting late but saving $100,000 by age 45.

You don’t benefit from compounding as much as those starting earlier. Without additional contributions, you would retire with $492,000 at age 65. How much do you need to add? Contributing $1,000 monthly will get you to $1 million by retirement.

That sounds like a lot; however, many people enter their prime earning years in their mid-40s. It could be time to revisit your budget if you struggle to contribute the necessary amounts. For example, the average new car payment is $726. Downgrading to a used vehicle isn’t ideal but could free up hundreds of dollars toward that monthly contribution goal. Eventually, one must sacrifice some luxuries to build a comfortable retirement. It doesn’t sound fun now, but I promise you won’t be thinking about that new car you once had decades later.

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Scenario No. 3: You’re playing catch-up

Naturally, those who wait the longest to save for retirement have the most challenging road ahead. However, there is still time, even if you’re way behind. The worst thing you can do is give up because you think it’s too late.

Suppose you hit $100,000 at age 55 and want to retire with $1 million. You’ll have to save aggressively, but it is still possible. Contributing $4,300 monthly could likely get your retirement savings to $1 million by the age of 65, assuming an 8% interest rate.

No matter their budget, many people may not have that money available. So, you may have to extend your career to give compounding some extra time to help you. Retiring at 70 instead of 65 means an additional five years to save. In this scenario, one only needs to contribute $2,000 monthly to retire a millionaire. In other words, that additional five years cuts your monthly contribution goal to less than half! Compounding makes a tremendous difference, even with just five extra years.

This is the take-home point

You’ve read it throughout this article, but it is important enough to say it once more: You have time to build a better retirement, no matter where you are in life. The math might change based on your situation, but anyone can plan and work toward a better retirement than they would have otherwise.

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Have $100,000? Here Are 3 Ways to Grow That Money Into $1 Million for Retirement Savings was originally published by The Motley Fool