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.

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.

Financial calculators are for educational purpose only, and are provided to assist you in estimating the approximate costs associated with any financial activity. Your actual costs may vary.