Millionaire Calculator
Find out how long it takes to reach $1,000,000 from your savings and contributions — and the monthly amount to hit it by a target year.
How it works
Simulate monthly until balance ≥ $1,000,000 · Required monthly = (target − current × (1 + r)^n) ÷ (((1 + r)^n − 1) ÷ r)
This grows your current savings plus each monthly contribution month by month until the balance crosses $1,000,000, capping the search at 100 years. It also runs the math in reverse: given a target number of years, it solves for the level monthly contribution that would land you at exactly $1M. The return you assume dominates the timeline — a couple of percentage points can move the finish line by a decade.
Worked example
Starting with $20,000 and adding $500 a month at a 7% return, you cross $1,000,000 in about 33 years 5 months, at a balance near $1,003,390. To get there in 20 years instead, you would need to invest roughly $1,764.60 a month.
Frequently asked questions
Is $1 million enough to retire on?
It depends on your spending. At a 4% withdrawal rate, $1M supports about $40,000 a year before taxes. Whether that is enough hinges on your costs, other income and how long retirement lasts.
Why does a small change in return matter so much?
Compounding is exponential, so a higher rate accelerates the later years disproportionately. Over decades, the gap between a 6% and 8% return can be many years to the same goal.
Should I count on this exact timeline?
No — real returns are volatile, not a smooth line, and a bad stretch near the end can delay the milestone. Treat it as a planning estimate and revisit it as your balance and contributions change.
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Educational estimate, not investment or tax advice. Returns are never guaranteed and past performance does not predict the future. Confirm with a licensed advisor.