Step 1: Have a goal. Use this calculator to find out how long it will take you to reach your savings goal.
Current Savings Balance
Enter the amount of money currently saved.
Desired Savings Goal
Enter the total amount of money you want to save.
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%.
It will take
0 years to reach your savings goal.
When adjusted for inflation of
0% will be worth