Is the million-dollar goal preset?

No. The default is $1,000,000, but you can enter any goal amount you like—smaller or larger. The math works the same either way.

How accurate is the time-to-goal estimate?

It’s a mathematical estimate based on constant contributions and a constant average return. Real markets and life events will differ, so treat this as a planning guide, not a promise.

Should I use pre-tax or after-tax returns?

You can use either, but be consistent. Many people use a pre-tax nominal return and then layer taxes and inflation into a more detailed projection elsewhere.

What if the calculator never reaches my goal?

If contributions are small and the goal is very large, the simulation may not hit the target within the maximum horizon. In that case, consider increasing contributions, lowering the goal, or extending your timeframe.

finance calculator

What’s a Million?

See how long it takes to reach a savings goal (like a million dollars) given your current balance, monthly contributions, and return rate.

Results

Months to goal: 315
Years to goal: 26.25
Future value at that time: $1,002,955

How to use this calculator

Enter your target goal amount (for example, $1,000,000 or any other savings milestone).
Enter your current savings or investment balance.
Enter how much you plan to contribute each month and your assumed annual rate of return.
We convert the annual return to a monthly rate, simulate monthly growth plus contributions, and track when your balance reaches the goal.
Review the estimated months/years to goal and the projected future value at that time.
Experiment by changing contributions or return assumptions to see how they affect your timeline.

Inputs explained

Goal amount: Your target savings balance—for example, $1,000,000, $500,000, or any other financial independence number you care about.
Current balance: How much you already have saved or invested toward this goal today. Starting higher can dramatically reduce your time to target.
Monthly contribution: How much you plan to add each month. Consistent contributions often matter more than chasing slightly higher returns.
Annual return (%): Your assumed average annual investment return, before taxes and fees. Use conservative values if you’re unsure (for example, 5–7% for long-term stock-heavy portfolios).

How it works

We start with your current balance and add your monthly contributions, growing the balance each month by a monthly return rate derived from your annual percentage return.

Month by month, we check whether the balance has reached or exceeded your goal amount; if it has, we stop and report how many months and years it took.

If the goal is not reached within the maximum horizon (for safety, typically capped around 100 years), we report the final future value after that period.

The time to goal and future value are estimates based on a constant return assumption and do not reflect market volatility or taxes.

Formula

We approximate growth using monthly compounding:\n\nMonthly rate r = (1 + Annual return)^(1/12) − 1\nBalance next month = (Current balance × (1 + r)) + Monthly contribution\n\nWe repeat this until balance ≥ Goal amount or we reach the maximum number of months. Months to goal and years to goal are derived from the number of iterations; future value is the ending balance at that point.

When to use it

Setting a rough timeline for big goals like reaching your first $100k, $500k, or $1 million in savings.
Comparing how different monthly contribution levels change the time needed to hit the same goal.
Testing how more conservative or aggressive return assumptions impact your expected timeline.
Showing students, clients, or family members how long-term compounding and steady saving work together.
Visualizing whether a particular goal is realistic given your current savings rate and risk tolerance.

Tips & cautions

Use conservative return assumptions—overestimating returns can make timelines look unrealistically short.
Increasing contributions usually shortens the timeline more reliably than hoping for higher investment returns.
Revisit your inputs once a year to reflect actual returns and any changes in your savings rate.
Consider running scenarios with lower and higher returns to understand best, base, and worst-case timelines.
Remember that reaching a nominal dollar goal doesn’t account for inflation; a million dollars decades from now will have less purchasing power than today.
Uses simple monthly compounding and does not model market volatility, sequence-of-returns risk, or withdrawals.
Ignores taxes, investment fees, and inflation, all of which can materially affect real-world outcomes.
Caps iterations at a fixed maximum horizon (for example, 100 years) for performance and safety; extremely long timelines may be truncated.
Assumes constant monthly contributions and a constant average return, which are simplifications compared with real life.

Worked examples

Reach $1,000,000 from $50,000 with $1,000/month at 6%

Goal = $1,000,000, current balance = $50,000, monthly contribution = $1,000, annual return = 6%.
The calculator simulates monthly growth and contributions to find when balance crosses $1,000,000.
You might see a timeframe on the order of a few decades, illustrating the power of compounding and consistent saving.

Smaller goal: $250,000 from $20,000 with $500/month at 5%

Goal = $250,000, current balance = $20,000, monthly contribution = $500, annual return = 5%.
Time to goal will typically be much shorter than the million-dollar case, showing how more modest goals are more accessible.
Experiment by raising contributions to see how much faster you could reach $250,000.

Aggressive contributions vs aggressive returns

Compare scenario A (higher monthly contributions, moderate return) vs scenario B (lower contributions, higher assumed return).
Often, scenario A reaches the goal faster and more reliably, reinforcing the importance of savings rate over speculative return chasing.

Deep dive

See how long it might take to reach $1,000,000—or any savings goal—based on your current balance, monthly contributions, and expected return.

Use this “What’s a Million?” calculator to explore how saving more each month or earning different returns changes your time to goal.

Ideal for savers and investors who want a quick, intuitive sense of their path to a big milestone before building a detailed financial plan.

FAQs

Is the million-dollar goal preset?: No. The default is $1,000,000, but you can enter any goal amount you like—smaller or larger. The math works the same either way.
How accurate is the time-to-goal estimate?: It’s a mathematical estimate based on constant contributions and a constant average return. Real markets and life events will differ, so treat this as a planning guide, not a promise.
Should I use pre-tax or after-tax returns?: You can use either, but be consistent. Many people use a pre-tax nominal return and then layer taxes and inflation into a more detailed projection elsewhere.
What if the calculator never reaches my goal?: If contributions are small and the goal is very large, the simulation may not hit the target within the maximum horizon. In that case, consider increasing contributions, lowering the goal, or extending your timeframe.

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This “What’s a Million?” calculator is a simplified projection tool. It assumes constant contributions and returns, ignores taxes, fees, and inflation, and cannot predict future market behavior. Use it for education and rough planning only, and consult a financial professional for personalized advice and detailed retirement or investment planning.