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Cool Million

What might it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and graphically view your financial results for each year until you retire. Press the "View Report" button for a report that helps you see when you might hit your cool million - and what you might be able to do to possibly achieve this goal.

How does your savings plan stack up? YOU_MADE_IT

With your current investment plan you could be a millionaire at age AGE_AT_MILLION.

**GRAPH**

To target a million dollars by age AGE_DESIRED?

  • Change your monthly savings to RQD_SAVE_MONTH.
  • Change your current amount invested to RQD_CURRENT.
  • Receive a rate of return of RQR_ROR_BFTAX.

Adjusted for INFLATION_RATE annual inflation, at age AGE_AT_MILLION a million dollars would be worth NPV_MILLION.

Your Input Values
Current age: AGE_CURRENT
Target millionaire age: AGE_DESIRED
Amount currently invested: AMT_CURRENT
Amount you can save per month: AMT_SAVE_MONTH
Expected rate of return on investments: ROR_INVEST
Inflation rate: INFLATION_RATE







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This Financial Calculator requires SUN's Java™ Plug-in. If you see this message you will need to download SUN's Java™ Plug-in. This can be done automatically by clicking the yellow bar at the top of your browser and choosing “Install ActiveX Control”.

You can also get SUN's Java™ Plug-in here: Get the Java™ Plug-in!

For more information about this Plug-in please visit: SUN's Java™ Plug-in
For more information these financial calculators please visit: Financial Calculators from KJE Computer Solutions, LLC

Definitions

Your age
Your current age in years.

Millionaire target age
The age you want to become a millionaire. For example, to find out what it could take to be a millionaire by age 40, enter 40 here.

Amount currently invested
Total value of all of your current investments. Although you could include your home and personal property in this amount - it is a bit more accurate to include only your savings, retirement accounts and investments.

Savings per month
The amount you will contribute each month to your investments. This calculator assumes that all savings are added to your account at the beginning of the month.

Expected Rate of Return
This is the annually compounded rate of return you expect from your investments. For the purposes of this calculator, taxation is not factored into the results. If you pay taxes on the interest, dividends or capital gains from these investments, you may wish to enter your after tax rate of return.

The actual rate of return is largely dependent on the type of investments you select. From January 1970 to December 2007, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.4% per year (source: www.standardandpoors.com). During this period, the highest 12-month return was 61%, and the lowest was -39%. Savings accounts at a bank may pay as little as 1% or less.

It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that funds and/or investment companies may charge.

Expected Inflation Rate
What you expect for the average long-term inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a long-term average of 3.1% annually, from 1925 through 2007. The CPI for 2007 was 2.4%, as reported by the Minneapolis Federal Reserve.



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