See how long it takes to reach $1 million from your current savings and monthly contributions — and what you'd need to save to hit it by a target date.
Assumes a steady return compounded monthly and on-time contributions. Real returns vary; inflation erodes a future million's buying power. General information, not investment advice.
Time and contributions do the work; the return compounds them. Because compounding accelerates, the later years add the most — which is why starting is worth more than optimizing. This shows both the timeline and the 30-year picture.
Balance = current × (1+r)ⁿ + monthly × ((1+r)ⁿ − 1) ÷ r
Depends on your expenses — at a 4% withdrawal, $1M supports about $40k/year. And inflation shrinks a future million's buying power, so treat it as a milestone, not a finish line.
A diversified long-run average is often quoted near 7–8% before inflation. Use a lower number for a conservative, more realistic timeline.
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