What might it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and graphically view your financial results for each year until you retire. Press the "View Report" button for a report that helps you see when you might hit your cool million - and what you might be able to do to possibly achieve this goal.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Definitions
Your age
Your current age in years.
Millionaire target age
The age you want to become a millionaire. For example, to find out what it could take
to be a millionaire by age 40, enter 40 here.
Amount currently invested
Total value of all of your current investments. Although you could include your home
and personal property in this amount, it is more accurate to include only your savings,
retirement accounts, and investments.
Savings per month
The amount you will contribute each month to your investments. This calculator assumes
that all savings are added to your account at the beginning of the month.
Expected Rate of Return
This is the annually compounded rate of return you expect from your investments.
The actual rate of return largely depends on the type of investments you select.
For example, over the last thirty years the average annual rate of return for the TSX
has been about 11%. Savings accounts at a bank or credit union may pay as little as 2% or less.
It is important to remember that future rates of return cannot be predicted with certainty.
Investments that pay higher returns are subject to higher risk and volatility. The actual
rate of return can vary widely over time and may include loss of principal.
For the purposes of this calculator, taxation is not factored into the results. If you pay
taxes on interest, dividends, or capital gains, you may wish to enter your after-tax rate of return.
Expected Inflation Rate
What you expect for the average long-term inflation rate.
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
