This millionaire calculator helps you figure out how much money you need to save each year to have a million dollars at retirement. The calculator uses your current age, retirement age, current net worth, and the expected annual return on investments to develop an annual savings target. Although this calculator defaults to a target net worth of $1 million, you can modify the value if you'd like to save more money.
The variables used in our online calculator are defined in detail below, including how to interpret the results.
Current Age (Years)
This is your current age in years.
Current Net Worth ($)
This is your current net worth. The purpose of this calculator is to determine how much money you need to save each year to have one million dollars in net worth. However, most individuals would prefer to leave out their home's value, and any mortgage owed, in this particular net worth calculation.
Annual Return on Investments (% / Year)
This is the annual rate of return you expect to realize on your funds between now and your anticipated retirement age.
Target Net Worth ($)
This is the targeted net worth value, and in this example the default value is $1 million. You can change this value, if you'd like to achieve a higher or lower net worth.
Annual Funding ($ / Year)
This value represents how much money you need to save each year to become a millionaire, or the value you chose in the Target Net Worth section of this calculator.
Disclaimer: These online calculators are made available and meant to be used as a screening tool for the investor. The accuracy of these calculations is not guaranteed nor is its applicability to your individual circumstances. You should always obtain personal advice from qualified professionals.