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Cool Million
What will it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and view graphically your financial results for each year until you retire! A complete report tells you when you will hit your Cool Million - and what you can do to reach this milestone on target!
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 will 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 a bit 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 is largely dependant on the type of investments you select. For example, for the last thirty years the average annual rate of return for domestic equity stocks has been about 10%. Savings accounts at a bank pay as little as 2%. For the purposes of this calculator taxation is not factored into the results. If you pay taxes on the interest, dividends or capital gains from these investments you may wish to enter your after tax rate of return.
- Expected Inflation Rate
- What you expect for the average long term inflation rate.
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