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What will it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and view graphically your financial results for each year until you retire! A complete report tells you when you will hit your Cool Million - and what you can do to reach this milestone on target!
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Definitions
- Your age
- Your current age in years.
- Millionaire target age
- The age you want to become a millionaire. For example, to find out what it will take to be a millionaire by age 40, enter 40 here.
- Amount currently invested
- Total value of all of your current investments. Although you could include your home and personal property in this amount - it is a bit more accurate to include only your savings, retirement accounts and investments.
- Savings per month
- The amount you will contribute each month to your investments.
- Expected rate of return
- Pre-tax rate of return on investments. For example, the long-term rate of return for the S&P 500 is about 10%.
- Tax Rate
- Your marginal state tax rate.
- Expected inflation rate
- What you expect for the average long-term inflation rate.
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