Department of Labor Federal Credit Union

How Long Will It Take To Become a Millionaire?

Wondering how long it will take you to become a millionaire? Discover the power of compound interest. Use this calculator to find out how long it will take for your savings to grow to a million dollars.

Your Information

Current Age:
Age to Become a Millionaire:
Amount Saved:
Amount You Can Save Monthly:
Annual Savings Rate:
Your Federal Tax Rate:
Your State Tax Rate:
Estimated Inflation Rate:

Current Age

Enter your current age in years.

Millionaire Age

Enter the age at which you wish to become a millionaire in years.

Amount Saved

Enter the amount of money you currently have saved.

Monthly Savings

Enter the amount of money you can save each month to meet your goal.

Annual Savings Rate

Enter the average annual savings rate (or interest rate) for the account in which your savings are kept.

Federal Tax Rate

Enter your federal tax rate. If you are using a tax free savings instrument, then enter 0%.

State Tax Rate

Enter your state tax rate. If you are using a tax free savings instrument for the state in which you reside, then enter 0%.

Inflation Rate

Enter the expected inflation rate for the period in question. The historical average is about 3%.

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