Save A Million Dollars Calculator
What will it take to save a million dollars? This financial calculator helps you find out.
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How to use this calculator
Saving a million dollars is a big financial milestone that requires consistent effort, smart investing, and time. While the goal may seem daunting, breaking it down into monthly contributions makes it more achievable. The calculator factors in:
Your current age and target age for reaching millionaire status
Existing savings and monthly contribution amounts
Expected rate of return on investments
Impact of inflation on your future million's purchasing power
Compare today's best high-yield savings accounts to start building your emergency fund before focusing on long-term investments.
How to accelerate your path to $1 million
Increase your savings rate: The most direct way to reach your million-dollar goal faster is to save more each month. Review monthly expenses to find areas where you can cut back. Look for ways to increase your income, including raises, promotions or side hustles. If you get a windfall — like a tax refund, bonus or inheritance — put it towards your investment accounts. Looking for a place to park your savings? Check out Bankrate's top-rated online savings accounts.
Maximize your investment returns: Your investment strategy plays a crucial role in building wealth. Make sure your portfolio is diversified across stocks, bonds, and other asset classes based on your time horizon. For long-term savings goals, certificates of deposit can offer higher fixed returns than regular savings accounts. Compare Bankrate's selection of the best 5-year CD rates to lock in today's rates.
Leverage compound interest. The power of compound interest is most effective with time. Bankrate's compound interest calculator can help you visualize exactly how your money can grow over time.
Definitions
- Your age: Your current age in years. The earlier you start saving, the less you'll need to save each month to reach your goal due to the power of compound interest.
- 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. For the most accurate projection, include only liquid financial assets like savings, retirement accounts, and investments rather than home equity or personal property.
- 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. Looking to increase your monthly savings? Bankrate's budget calculator can help you identify areas where you can cut expenses and direct more money toward your million-dollar goal.
- Expected rate of return: This is the annually compounded rate of return you expect from your investments. The calculator shows pre-tax returns, so if you pay taxes on interest, dividends or capital gains, you may want to enter your after-tax rate of return for more accuracy.
Historical context for investment returns:
- S&P 500 (2015-2025): Average annual return of approximately 9.8%
- S&P 500 (1970-2025): Long-term average annual return of approximately 10.5%
- Balanced portfolio (60% stocks/40% bonds): Historically around 7-8% annually
- Conservative investments: Bonds and high-yield savings accounts typically yield 3-5%
Remember that past performance doesn't guarantee future results, and higher returns generally come with higher risk.
- Expected inflation rate: This is what you expect for the average long-term inflation rate. Inflation erodes purchasing power over time, meaning your future million dollars will buy less than a million dollars today. The average inflation rate over the past 25 years is around 2.58%, according to the U.S. Bureau of Labor Statistics.