Working backward from an age
Most savings calculators ask how much you will have. This one starts from the other end: pick the birthday by which you want a million and it works out the monthly deposit that gets you there. It uses the standard annuity formula, which finds the level payment that, together with your current savings growing at your chosen return, adds up exactly to the target on that date.
The bars show how sharply the required amount changes with the deadline. A 30-year-old with $20,000 saved needs about $1,765 a month at 7% to be a millionaire by 50, but only around $690 a month to get there by 60. Ten extra years roughly halves the effort, because the money has longer to compound.
Millionaire by 30, 40 or 50
Millionaire by 30 is rare unless you have a very high income or a business, since there is little time for compounding to help and almost all of the million has to come from deposits. By 40 it becomes realistic for high savers who start in their early twenties. By 50 or 60 it is within reach for many steady savers using workplace retirement accounts, especially when an employer match adds to every deposit.
Try the second tab if you would rather know where your current habits lead. Add $250 or $500 a month and the calculator shows how many birthdays earlier you would cross the line.
Keep the target honest
A million dollars twenty or thirty years from now will buy noticeably less than a million today. If you want the target in today's money, enter an after-inflation return, which is the yearly return minus expected inflation. Our future value of a million calculator shows how big the gap gets.
Common questions
How much should I save a month to be a millionaire by 40?
Starting at 25 with nothing saved and a 7% return, about $3,150 a month. Starting at 30 it is roughly $5,800 a month, which is why an early start matters so much.
How much to save to be a millionaire by 60?
A 30-year-old with nothing saved needs about $820 a month at 7% to reach $1 million by 60. With $20,000 already saved it drops to around $690.
Does an employer 401(k) match count?
Yes. Add the match to your monthly figure. A 50% match on 6% of a $60,000 salary adds $150 a month.
What return should I use?
Many people use 6% to 7% for a stock-heavy portfolio over decades. Use a lower number for a safer plan.
This calculator gives estimates for planning. Real returns, rates and prices change, so treat the result as a guide rather than a promise. Read how we build and check our calculators.