Millionaire Calculator
What might it take to save one million dollars? This financial calculator helps you find out. Estimate how long it could take to reach $1 million based on your current savings, recurring deposits, expected return, inflation, and your target year.
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Years Until You Could Reach $1 Million
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What $1 Million Will Be Worth in Today’s Dollars
Estimate Summary
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Expected annual return -
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Calculator disclaimer: This calculator provides estimates only. Actual investment growth will vary based on market performance, contribution timing, fees, taxes, and other factors.
Common Questions About Saving $1 Million
Here are answers to the questions people ask most when planning a path to $1 million. Still have more questions? Contact an advisor today ->
How much do I need to save each month to reach $1 million?
It depends on your starting balance, expected rate of return, and how many years you have. For example, saving $500 per month at a 7% annual return starting at age 30 puts you past $1 million by age 65. The earlier you start, the less you need to save each month because compound growth does more of the work over time.
How long does it take to save $1 million?
At $500 per month with a 7% average annual return and no starting balance, it takes roughly 37 years to reach $1 million. Increasing your monthly contribution or starting with an existing balance shortens that timeline significantly. Use the calculator above to see your personal projection.
Does starting age affect how much I need to save to reach $1 million?
Yes, significantly. Starting at 25 versus 35 can cut your required monthly contribution by more than half, even at the same rate of return. Every year you delay requires a larger monthly deposit to reach the same goal. Time in the market is one of the most powerful factors in building long-term wealth.
What rate of return should I use in this calculator?
A 6% to 7% annual return is a commonly used estimate for a diversified investment portfolio over a long time horizon. A more conservative portfolio may average closer to 4% to 5%. This calculator lets you adjust the rate so you can model different scenarios. For personalized guidance, speak with an FSB advisor.
Can I still reach $1 million if I start saving later in life?
Yes, but it requires saving more each month and potentially working a few extra years. Someone starting at 45 would need to save roughly three to four times more per month than someone who started at 30, assuming the same rate of return. A higher starting balance or a more aggressive savings rate can close that gap. The calculator helps you find a combination that works for your situation.
