How much would you love to save millions of dollars? This all-round calculator can show you how much savings per month can lead to millionaire at the time of your retirement. With cohesive graph and report, this calculator will show you the quickest route to become a millionaire. All you need to do is, input your current savings data with your expected rate of income and inflation.
Your age on the day of calculation.
Millionaire target age
The age when you want yourself to have accumulated million dollars in savings. To illustrate, input 58 if you want to discover yourself as a millionaire by the age of 58.
Amount currently invested
The total amount of all your current savings and investments. To get a more spot-on calculation, it is desirable to include the all the savings and investment accounts only; and exclude other movable and immovable personal properties.
Savings per month
Assuming all the savings are accumulated at the beginning of every month, this field requires the amount you are prepared to deposit every month as investment.
Expected rate of return
The expected rate of return is your anticipated rate of yield (compounded annually) from the investment. If you want to see an after tax effect on the income, you should input the expected rate of return after deducting the taxes.
Expected inflation rate
In case you want an inflation-adjusted calculation, you need to specify here your expected long term average inflation rate.