![]() ![]() This represents the amount of money you plan to save each month to reach $1 million. This is the combined total of your savings and retirement accounts. It’s used to determine the rate at which you should be saving. This is the age you want to be when you reach $1 million in savings. This is your age right now and the starting point for your savings plan. Here are some of the most important terms to know when using the millionaire calculator. Click “View Report” for a summary of your savings plan along with suggested changes to your investing and monthly saving. The calculator will tell you at what age you’ll reach your million-dollar savings goal based on your contributions.įinally, click “Calculate” to see a savings estimate and graph showing your balance over time. It’s okay if you don’t know how much to save. Next, enter the amount of savings you currently have, the average interest rate you expect to earn on your investments and how much money you plan to save each month. If you’re 40 and want to be a millionaire in 20 years, enter 60 as your target age. To use this millionaire calculator, start by entering your current age and your millionaire target age. It tells you how much you need to save each month and factors in the amount you’ve already saved, the average rate of return on your investments and inflation. A millionaire calculator is a helpful tool that calculates how many years you have before you reach a million dollars in savings. ![]()
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