Million Dollar Calculator

It depends on your starting savings, expected return, and timeline. For example, starting at age 30 with $10,000 saved and a 7% annual return, you'd need to contribute roughly $650–$700 per month to reach $1 million by age 60. Use the calculator above to find your exact number based on your personal situation.

A commonly used benchmark is 7% per year, which approximates the historical average real return of a diversified U.S. stock index fund after accounting for inflation. If you invest more conservatively — such as in bonds or a high-yield savings account — you may want to use a lower rate like 3–5%.

Absolutely. Compounding means you earn returns not just on your contributions but also on previously earned interest. Over long periods, compounding can account for the majority of your total balance — often far more than your actual contributions. The earlier you start, the more powerful this effect becomes.

Starting younger gives compound interest more time to work in your favor, dramatically reducing the monthly contribution required. A 25-year-old saving for 35 years needs far less per month than a 45-year-old saving for 15 years to reach the same $1 million goal.

Current savings refers to any money you've already set aside that will be invested toward your $1 million goal. This could include retirement accounts like a 401(k) or IRA, brokerage accounts, or a high-yield savings account. If you're starting from zero, simply enter $0.

There are several strategies: increase your monthly contributions (even small increases add up significantly over time), maximize tax-advantaged accounts like a 401(k) or Roth IRA, seek a higher rate of return through diversified index fund investing, and reduce unnecessary expenses to free up more money to invest.

It depends on your lifestyle, location, and retirement age. Using the common '4% rule', $1 million would generate about $40,000 per year in withdrawals. For many people, this is a strong foundation when combined with Social Security benefits, but individual circumstances vary widely.

Most investment accounts and savings vehicles compound monthly or daily. If you're modeling a brokerage or retirement account, monthly compounding is a reasonable default. Daily compounding produces slightly higher results but the difference is small compared to your contribution rate and return.