What aspect of retirement savings can significantly affect one's financial independence?

The age one starts saving for retirement plays a crucial role in determining financial independence later in life due to the power of compound interest. When individuals begin saving at a younger age, their investments have more time to grow, benefiting from compounded returns. For example, if someone starts saving in their 20s rather than in their 30s or 40s, they can accumulate a significantly larger retirement fund by the time they reach retirement age. This early accumulation allows for greater financial security and the potential for early retirement.

In contrast, other factors like the type of job held, geographic location, or the number of family members may impact retirement savings but do not have the same direct and long-term effect on the amount accumulated through time and compounding. Starting to save early sets a solid foundation for future financial independence, making it a pivotal aspect of retirement planning.