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.
Enter your current age in years.
Enter the age at which you wish to become a millionaire in years.
Enter the amount of money you currently have saved.
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%.
Enter the expected inflation rate for the period in question. The historical average is about 3%.
To become a millionaire, you can:
$0 now and
$0 monthly at
0% and you'll be a
0 years at age
To be a millionaire in
0 years, you can:
When adjusted for inflation of
0%, $1,000,000 in
0 years will be worth
The Motley Fool's "Saving & Spending Center" provides a crash-course in how to save more money, including budgeting, short-term savings vehicles, saving for college, etc.
FinancialLiteracyMonth.com's Tips & Gadgets | Tools for Success section offers helpful worksheets for income, net worth, debt load, etc. Try these exercises to get one step closer to realizing your long-term financial goals.
About.com's Money In Your 20's section has great articles to get you thinking about ways to save better.
At Credit Unions, You Save More Because credit unions are member-owned and member-operated, they pay-it-forward to members in the form of better interest rates and lower fees (instead of sending profits up to shareholders, like at a bank.) Find yours at www.CULookup.com.