How to use the calculator
- Enter your current savings and how much you add each month.
- Set the annual return you expect and your target. It starts at 1,000,000, but any goal works: a house deposit, a retirement number or financial independence.
- Open Advanced to add your age, inflation, fund fees, tax drag or a yearly raise in what you save.
The table under the chart shows how much sooner you get there with a bit more each month, a slightly higher return or a yearly raise in your savings.
How the date is calculated
The calculator steps forward one month at a time. Each month the balance grows by one twelfth of the yearly return, after fees and tax drag, and your contribution is added at the end of the month. It stops in the month the balance first reaches the target, or after 100 years.
It also tracks a second, real target: the target grown with inflation, target × (1 + inflation)^years. Reaching it means having a million in today’s money, which takes longer.
Example: $25,000 saved and $750 a month at 7%
With a 0.10% yearly fund fee and 2.5% inflation:
| Change | Time to $1 million |
|---|---|
| The plan as it is | 28 years 11 months |
| Add $100 a month | 27 years 7 months |
| Add $500 a month | 23 years 6 months |
| Earn 1% more a year | 26 years 6 months |
| Raise the monthly amount 3% a year | 25 years 11 months |
You would put in $285,250 of your own money; growth does the rest. But that million, almost 29 years from now, buys what about $490,000 buys today. A million in today’s money takes 43 years 3 months with the same plan.
The four levers
- How much you save: the most reliable lever, because you control it.
- Raising it every year: increasing your savings with each pay raise shortens the time a lot without a big change at the start.
- Costs: fees and taxes come straight off the return. Check fund expense ratios with the ETF screener and use tax-advantaged accounts where you can.
- Return: a higher expected return means more risk. Don’t pick a high rate just to get a nicer date.
Common mistakes
- Forgetting inflation. A future million is worth much less than a million today. Look at both dates.
- Assuming smooth returns. Markets go up and down. A crash just before you reach the target can push the date back by years; the calculator uses a steady rate.
- Stopping contributions. The projection assumes you keep saving every month without withdrawals.
A million in 30 years buys much less than a million today. The inflation calculator shows how much less, and the historical inflation calculator shows what a million was worth in past decades.
Frequently asked questions
How long does it take to save $1 million?
It depends on what you start with, how much you add and the return. Starting from zero at 7% a year, $500 a month takes about 36 years 5 months and $1,000 a month about 27 years 7 months.
How much do I need to save each month to become a millionaire?
Try different monthly amounts in the calculator until the date fits your plan. As a rough guide at 7% a year from zero: about $1,000 a month for 27–28 years or about $500 a month for 36–37 years.
What return should I use?
Use a conservative figure for what you actually invest in, after fees. Broad stock index funds have returned roughly 10% a year before inflation over long periods, but a mix with bonds or cash will return less, and past returns are no promise.
What is $1 million worth after inflation?
At 2.5% inflation, $1 million in 29 years buys about what $490,000 buys today. The calculator shows this value for your own date and also how long it takes to reach a million in today's money.
Does the calculator include taxes?
Open Advanced to set a tax drag, the share of each year's return lost to taxes in a taxable account. In an IRA or 401(k) it is usually zero while the money stays invested.
Can I use a target other than $1 million?
Yes. Type any target, in any currency the calculator is set to, such as a retirement number or a house deposit.
Can I put this calculator on my website?
Yes. It is free for any site. Use the embed code generator at the bottom of this page, copy the code and paste it into your page. Please keep the credit line with the two links under the calculator.
Related calculators
- Compound Interest CalculatorHow a starting amount and monthly savings grow over time, after fees, tax drag and inflation.
- Salary Inflation CalculatorWhether your pay kept up with prices: an old salary in today’s money and your real raise.
- Inflation CalculatorWhat things will cost in the future and how much of its value your money loses.
- Rule of 72 CalculatorHow long money takes to double, triple or quadruple, with the exact figure alongside.
See all free investing calculators, or add live stock quotes to your site with the free stock widgets.
Add this calculator to your website
The calculator is free to embed on any website, personal or commercial, and works on WordPress, Blogger, Wix, Squarespace, Webflow, Ghost and plain HTML. Choose the options, copy the code and paste it into your page.
Preview: this is how the calculator and the credit line will look on your page
Free for personal and commercial websites. Please keep the “by Quotelinks” credit line under the calculator visible and unchanged, and don’t modify the calculator or present it as your own. The <script> line is optional: it sizes the frame to fit the calculator; if your platform removes scripts, the calculator still works at the fixed height. Results are estimates based on the numbers you enter and a constant rate of return. They are for illustration only, not financial advice.