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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 the S&P 500 is 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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