Everybody wants to be a millionaire, but few have the savings discipline to get there. Your current savings, additional monthly savings and the rate of return you receive all go into saving to be a millionaire. However, it may not stop there. If you want to have a million dollars worth of purchasing power, you have to factor in inflation into your savings plan. That means that depending on the amount of time it takes you to save a million dollars you might have to have saved even more to have a million worth of purchasing power.
Save to be a Millionaire
Save to be a Millionaire
Millionaire Savings Summary
Planned Savings
$ 772,148
Goal Savings
$ 1,000,000
Purchasing Power Savings
$ 2,118,656
To become a millionaire by age 55 you will need $227,851 more based on your current savings, monthly savings and rate of return. To have a million in current purchasing power, you will need $1,346,508 more.