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What will it take to help reach your savings goals? This financial calculator helps you find out. Enter in your savings plan and view graphically your financial results. Click the report button to get more information about your plan, and what you can do to make sure that it is on track.
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Definitions
- Savings goal
- The amount you wish to have in savings at the end of this savings plan.
- Years to save
- The number of years you have to save.
- Amount currently saved
- Total you currently have saved toward this savings goal.
- Monthly savings
- The amount you will contribute each month to your investments. This calculator also assumes that you make your contribution at the beginning of each month.
- Expected Rate of Return
- This is the annually compounded rate of return you expect from your investments. For the purposes of this calculator, taxation is not factored into the results. If you pay taxes on the interest, dividends or capital gains from these investments you may wish to enter your after tax rate of return.
The actual rate of return is largely dependent on the type of investments you select. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.
- Expected Inflation Rate
- What you expect for the average long-term inflation rate.
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