# When will I be a millionaire?

Works out the age at which your savings reach $1 million from what you have, what you save each month and a yearly return, and how much to save each month to get there by an age you choose.

- Page: https://www.acalculator.org/finance/millionaire-calculator
- JSON spec: https://www.acalculator.org/finance/millionaire-calculator.json
- Version: 705bd955c8f5

## Default answer

Example with the default inputs (Your age 30, Saved and invested now $25,000.00, You save each month $1,000.00, Yearly return 7%, Goal $1,000,000.00, Reach it by age 65): Saving $1,000.00 a month at 7%, you put $338,000.00 toward $1,000,000.00, with $664,047.18 of growth.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| age | Your age | Your age now. |
| saved | Saved and invested now | What you have saved and invested today. |
| monthly | You save each month | What you add at the end of every month. |
| rate | Yearly return | The yearly return with compounding included (an APY for a savings account). It stays the same every year. |
| goal | Goal | The balance you want to reach. |
| by | Reach it by age | Optional: an age by which you want to reach the goal, for the monthly saving it takes. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| millionAge | You reach the goal at age | Your age now plus the months until the balance first reaches the goal, ÷ 12. |
| years | Years to go | The months until the balance reaches the goal, ÷ 12. |
| months | Months to go | The first month whose end balance is at or above the goal; 0 if you are already there. |
| deposits | Your money | What you have now plus every monthly deposit until then. |
| growth | Growth | The return earned until then: the balance minus your money. |
| status | Reached by age 100? | Shown when the balance does not reach the goal by age 100. |
| needed | Save each month to reach it by your age | The monthly deposit that makes the balance equal the goal at the age you picked; $0 if you need none. |

## Method

g = (1 + R)^(1/12) − 1; each month balance = balance × (1 + g) + deposit until it reaches the goal; age = age now + months ÷ 12. To reach it by age A: n = 12 × (A − age), deposit = (G − P(1 + g)^n) × g ÷ ((1 + g)^n − 1), or (G − P) ÷ n at 0%.

## Assumptions

- The return stays the same every year, and deposits are made at the end of each month. Real returns go up and down.
- Amounts are not adjusted for inflation: $1 million in 25 years buys less than $1 million today.
- Taxes and fees are not taken out. This is an estimate for planning, not investment advice.

## Worked examples

1. age = 30, saved = $25,000.00, monthly = $1,000.00, rate = 7%, goal = $1,000,000.00, by = 65 gives months = 313, millionAge = 56.083333, deposits = $338,000.00, growth = $664,047.18, needed = $428.35. Source: U.S. Securities and Exchange Commission, Investor.gov, Compound interest calculator and formula, https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator (retrieved 2026-10-03).
2. age = 30, saved = $0.00, monthly = $2,000.00, rate = 0%, goal = $1,000,000.00, by = 71 gives months = 500, millionAge = 71.666667, deposits = $1,000,000.00, needed = $2,032.52.
3. age = 40, saved = $100,000.00, monthly = $2,000.00, rate = 5%, goal = $1,000,000.00, by = 60 gives months = 228, millionAge = 59, needed = $1,810.40. Source: Consumer Financial Protection Bureau, Regulation DD (Truth in Savings), 12 CFR 1030, Appendix A: annual percentage yield calculation, https://www.consumerfinance.gov/rules-policy/regulations/1030/a/ (retrieved 2026-10-03).
4. age = 60, saved = $0.00, monthly = $100.00, rate = 0%, goal = $1,000,000.00 gives status = Not by age 100, deposits = $48,000.00.
5. age = 45, saved = $1,200,000.00, monthly = $0.00, rate = 5%, goal = $1,000,000.00 gives months = 0, millionAge = 45.

## FAQ

### How long does it take to save $1 million?

It depends on what you start with, what you add and the return. $25,000 now plus $1,000 a month at 7% a year reaches $1 million after 313 months, about 26 years; with no return, $2,000 a month takes 500 months.

### How much do I need to save each month to be a millionaire by 65?

At 30 with $25,000 saved and a 7% return, about $428 a month reaches $1 million at 65. The page uses the future value of monthly deposits solved for the deposit: D = (G − P(1 + g)^n) × g ÷ ((1 + g)^n − 1).

### How does the calculator compound the return?

The yearly return becomes a monthly rate g = (1 + R)^(1/12) − 1, so 12 months of growth equal exactly R, and each deposit is added at the end of the month. This is the same rule as the savings calculator.

### Is $1 million in the future worth $1 million today?

No. The page does not adjust for inflation, so $1 million in 25 years buys less than it does now. To plan in today’s money, type a return after inflation (for example 7% − 3% inflation is roughly 4%).

### What return should I use?

Use a rate you can expect from where the money is: a savings account’s APY, or a cautious long-term return for investments. Returns are never guaranteed, so try a lower rate too.

### Does it include taxes and fees?

No. Tax on interest or gains and investment fees lower the growth. Use the expense ratio calculator to see what fund fees cost.

## Sources

- U.S. Securities and Exchange Commission, Investor.gov, Compound interest calculator and formula. https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator (retrieved 2026-10-03)
- Consumer Financial Protection Bureau, Regulation DD (Truth in Savings), 12 CFR 1030, Appendix A: annual percentage yield calculation. https://www.consumerfinance.gov/rules-policy/regulations/1030/a/ (retrieved 2026-10-03)