Millionaire Calculator
This page works out when savings reach a goal, a million by default, if they grow at a steady rate and you add the same amount each year. Change the goal, the rate or the yearly saving to see the age change.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Each year the balance grows by the rate, and the yearly saving is added at the end of the year. The number of years is found by solving the savings formula for time, which uses logarithms. Because the saving is added at year end, the age shown is the age at the end of the year in which the goal is reached, so the fractional years are rounded up.
Real returns vary from year to year and can be negative, so a steady rate is a planning figure, not a forecast. Taxes and fees would lower the result.
Worked example
Starting at age 30 with $50,000.00 saved and $12,000.00 added each year, at a steady 7% return, the savings reach $1,000,000.00 in about 24.6 years, at age 55.
Questions
Why does the result depend so much on the rate?
Growth compounds, so a small change in the rate changes the years a lot over a long time. Try a few rates to see the range.
Does the yearly saving have to stay the same?
This version assumes one steady amount. Raises over time would reach the goal sooner than this shows.
Does inflation matter?
Yes. A goal set in today's money needs a larger amount later, and this calculator does not adjust for that.
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