Save A Million Calculator (2024)

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

Do you dream of being a millionaire? Perhaps you’re already on your way, but you’re not sure when you’ll reach the million-dollar mark. That’s where a millionaire calculator comes in handy.

This interactive tool will tell you how long it’ll take you to save a million dollars.

How To Use the Calculator

A millionaire calculator is a helpful tool that calculates how many years you have before you reach a million dollars in savings. 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.

To use this millionaire calculator, start by entering your current age and your millionaire target age. If you’re 40 and want to be a millionaire in 20 years, enter 60 as your target age.

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. It’s okay if you don’t know how much to save. The calculator will tell you at what age you’ll reach your million-dollar savings goal based on your contributions.

Finally, click “Calculate” to see a savings estimate and graph showing your balance over time. Click “View Report” for a summary of your savings plan along with suggested changes to your investing and monthly saving.

Terms Explained

Here are some of the most important terms to know when using the millionaire calculator.

Current Age

This is your age right now and the starting point for your savings plan.

Millionaire Target Age

This is the age you want to be when you reach $1 million in savings. It’s used to determine the rate at which you should be saving.

Current Investment Value

This is the combined total of your savings and retirement accounts.

Savings Per Month

This represents the amount of money you plan to save each month to reach $1 million.

Expected Rate of Return

This is the rate at which your savings or investments will grow each year. It varies depending on the type of investments you choose, market conditions and other factors.

An expected rate of return is not guaranteed. While historical data suggests the average stock market return is around 6% to 7% when adjusted for inflation, future performance is subject to market fluctuations, and returns can vary significantly from year to year.

This save-a-million-dollars calculator is intended to provide an estimate, not a guarantee, of how long it will take you to reach your goal. Changes in your rate of return will impact your millionaire timeline.

Expected Inflation Rate

The inflation rate measures the average rate at which prices increase for goods and services. It can affect the purchasing power of your savings, so it’s important to factor into your calculations.

The Federal Reserve sets a long-term inflation rate target of 2%, a modest goal rate that aims for economic stability and consumer well-being. The Consumer Price Index is a common measure of current inflation provided and updated by the U.S. Bureau of Labor Statistics.

How To Save a Million Dollars in 20 Years

To save a million dollars in 20 years, you’ll need to adjust your monthly savings for a timeline of 20 years from your current age. Your required monthly savings contributions depend on the following factors:

  • Current savings. The more money you can put away now, the less you will need to save each month.
  • Rate of return. The higher your rate of return, the faster your money will grow.

Both of these factors can have a significant impact on your savings plan and the amount you need to contribute each month to reach your goal. This table shows how your monthly savings goal can shift based on current savings.

Current SavingsInflation RateAnnual Rate of ReturnMonthly Savings Goal













Likewise, this table highlights how your monthly savings goal can change based on your rate of return (assuming $0 in current savings).

Current SavingsInflation RateAnnual Rate of ReturnMonthly Savings Goal













Contributing more to your savings upfront and choosing investments that earn a greater return can make it easier to save a million dollars in 20 years. However, note that higher rates of return are typically associated with greater risk.

How To Save a Million Dollars in Five Years

Saving a million dollars in five years requires an aggressive savings plan.

Suppose you’re starting from scratch and have no savings. You’d need to invest around $13,000 per month to save a million dollars in five years, assuming a 7% annual rate of return and 3% inflation rate. For a rate of return of 5%, you’d need to save around $14,700 per month.

As the table below illustrates, you could achieve your goal with a lot less saved per month if you already have a chunk of money saved up.

Current SavingsInflation RateAnnual Rate of ReturnMonthly Savings Goal

















How To Save a Million Dollars

Whether you want to become a millionaire in five, 20 or 30 years, you need to know how to save money.

Here are some steps you can take to start your journey toward becoming a millionaire.

  1. Make a budget and track your expenses. Budgeting and tracking your spending can help you identify areas where you can cut back and direct more income to savings.
  2. Increase your income. Start a side hustle or ask for a raise at work to bring more money in. The more you earn, the more you can save.
  3. Maximize your retirement savings. Contribute the maximum amount to your 401(k) and/or IRA each year.
  4. Invest wisely. Diversify your portfolio with a variety of investments and avoid unnecessary fees.
  5. Use a millionaire calculator. Track your progress and adjust your savings plan.

Find The Best High-Yield Savings Accounts Of 2024

Learn More

Frequently Asked Questions (FAQs)

What is a millionaire calculator?

A millionaire calculator is a financial tool that calculates when you will save $1 million based on the amount of money you have saved now, the interest rate you’re earning and how much you contribute each month. It shows you how old you’ll be when you reach your goal.

When will I be a millionaire?

Several factors can impact how long it will take you to become a millionaire. If you’re not getting there as quickly as you’d like, consider looking for ways to increase your monthly contribution and/or the rate of return on your investments. The more money you can contribute each month and the higher your rate of return, the faster you’ll reach your goal.

Are millionaire calculators accurate?

Millionaire calculators provide a general estimate of when you might reach $1 million in savings, but they’re not always accurate for everyone. Work with a financial advisor to create a personalized savings plan that considers your unique needs and goals.

Save A Million Calculator (2024)


How long does it take to save 1 million? ›

If you invest $1,000 per month, you'll have $1 million in 25.5 years.
Monthly contributionTime to reach $1 million with an 8% annual return
$50033.3 years
$1,00025.5 years
$2,50016.3 years
$5,00010.6 years
1 more row
Nov 20, 2023

Is it possible to save 1 million dollars in 5 years? ›

Saving a million dollars in five years requires an aggressive savings plan. Suppose you're starting from scratch and have no savings. You'd need to invest around $13,000 per month to save a million dollars in five years, assuming a 7% annual rate of return and 3% inflation rate.

How many people have $1000000 in savings? ›

In fact, statistically, around 10% of retirees have $1 million or more in savings.

How much to save $1,000,000 in 10 years? ›

In order to hit your goal of $1 million in 10 years, SmartAsset's savings calculator estimates that you would need to save around $7,900 per month. This is if you're just putting your money into a high-yield savings account with an average annual percentage yield (APY) of 1.10%.

Can $1 million last 30 years? ›

Around the U.S., a $1 million nest egg can cover an average of 18.9 years worth of living expenses, GoBankingRates found. But where you retire can have a profound impact on how far your money goes, ranging from as a little as 10 years in Hawaii to more than than 20 years in more than a dozen states.

Can I live off interest on a million dollars? ›

Historically, the stock market has an average annual rate of return between 10–12%. So if your $1 million is invested in good growth stock mutual funds, that means you could potentially live off of $100,000 to $120,000 each year without ever touching your one-million-dollar goose. But let's be even more conservative.

Can you get rich in 3 months? ›

Becoming a millionaire in just 3 months is a highly ambitious and unrealistic goal for most people. Building wealth and financial stability typically takes time, hard work, and smart financial planning.

Can I retire at 60 with $1 million dollars? ›

Summary. $1 million should be enough to see you through your retirement. If you choose to retire early, you may need additional savings and amend your desired retirement lifestyle to live a little more frugally.

At what age can you retire with $1 million dollars? ›

Based on this, if you retire at age 65 and live until you turn 84, $1 million will probably be enough retirement savings for you.

What is considered rich in savings? ›

Someone who has $1 million in liquid assets, for instance, is usually considered to be a high net worth (HNW) individual. You might need $5 million to $10 million to qualify as having a very high net worth while it may take $30 million or more to be considered ultra-high net worth.

What net worth is considered rich? ›

While having a net worth of about $2.2 million is seen as the benchmark for being rich in America, it's essential to remember that wealth is a subjective concept. Healthy financial habits and personal perspectives on money are crucial in defining and achieving wealth.

How long will $1 million in 401k last? ›

With cash, and assuming a 30 year retirement, you can expect to withdraw about $2,700 per month. ($1 million / 30 years = $33,333 / 12 months = $2,777) With your $2,500 in Social Security, this would give you about $5,200 per month to live on.

Can I retire on 120k a year? ›

Let's say you consider yourself the typical retiree. Between you and your spouse, you currently have an annual income of $120,000. Based on the 80% principle, you can expect to need about $96,000 in annual income after you retire, which is $8,000 per month.

How much income will $1 million generate? ›

One rule of thumb suggests $1 million would generate around $40,000 each year, adjusted upward for inflation. Instead of picking a figure, work out what income you might need in your old age and work backward from there.

What will $10 000 be worth in 30 years? ›

Over the years, that money can really add up: If you kept that money in a retirement account over 30 years and earned that average 6% return, for example, your $10,000 would grow to more than $57,000. In reality, investment returns will vary year to year and even day to day.

Can I save $1 million dollars in 15 years? ›

Without the power of investing, you'd have to save $66,666 per year to have $1,000,000 after 15 years – and by then, $1,000,000 doesn't buy what $1,000,000 buys today, thanks to inflation.

How much do I need to save to have $1 million in 15 years? ›

Putting aside someone's $40,000 in take-home pay every year—and earning that 10% return as described above—will get you to millionaire status in about 15 years. Halve those savings and you're still only looking at 20 years. It will take more work for sure, but it's a lot faster than 51.

How long will it take you to save your first $100000? ›

Many people can realistically reach a $100,000 goal in as short as six years, allowing them to move on to saving the next $100,000 much sooner.

How to save $1000000 in 20 years? ›

To save $1 million in 20 years, you would need to save approximately $1,900 per month, assuming an average annual investment return of 7%.

Top Articles
Latest Posts
Article information

Author: Sen. Ignacio Ratke

Last Updated:

Views: 5920

Rating: 4.6 / 5 (76 voted)

Reviews: 83% of readers found this page helpful

Author information

Name: Sen. Ignacio Ratke

Birthday: 1999-05-27

Address: Apt. 171 8116 Bailey Via, Roberthaven, GA 58289

Phone: +2585395768220

Job: Lead Liaison

Hobby: Lockpicking, LARPing, Lego building, Lapidary, Macrame, Book restoration, Bodybuilding

Introduction: My name is Sen. Ignacio Ratke, I am a adventurous, zealous, outstanding, agreeable, precious, excited, gifted person who loves writing and wants to share my knowledge and understanding with you.