Millionaire Calculator
Find out when you will reach your wealth target based on savings and returns.
Year-by-Year Growth
| Year | Contributions | Returns | Balance |
|---|
Can't find what you need?
Request a ToolHow to Use the Millionaire Calculator
This calculator shows how long it takes to reach any wealth target (defaulting to $1,000,000) based on your current savings, monthly contributions, and expected investment returns:
- Enter current savings. How much you have saved and invested today.
- Enter monthly contribution. How much you add each month.
- Enter expected return. The average annual return you expect. The S&P 500 has historically returned about 10% before inflation, or about 7% after inflation.
- Set your target. Default is $1,000,000, but you can change it to any amount.
About Building Wealth
The two most powerful factors in reaching any wealth target are time and consistency. Starting early gives your money more time to compound, and consistent monthly contributions build the habit. The year-by-year table shows how returns accelerate over time as your balance grows, with investment returns eventually exceeding your contributions each year.
Frequently Asked Questions
How long does it take to save $1 million?
It depends on your savings rate and returns. Saving $1,000/month at 7% annual returns takes about 25 years starting from zero. Starting with $50,000 cuts it to about 22 years.
What rate of return should I use?
For a diversified stock portfolio, 7% (inflation-adjusted) or 10% (nominal) is a reasonable long-term assumption. More conservative portfolios might use 5-6%. Be cautious about using rates above 10% as they are not sustainable long term.
Does this account for inflation?
Not directly. If you use a 7% return rate (the historical inflation-adjusted average), your result is in today's dollars. If you use 10%, the result is in nominal (future) dollars. A million dollars in 25 years will have less purchasing power than a million today.
What matters more, saving more or higher returns?
In the early years, saving more has a bigger impact. As your balance grows, returns become the dominant factor. This is why starting early is so powerful. With a small balance, increasing your monthly savings by $200 matters more than chasing an extra 1% return.