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Cool Million



    Calculator
Glossary
What might it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and view graphically your financial results for each year until you retire. We can calculate when you will hit your Cool Million - and what you can do to reach this milestone on target!

Enter Information
Your age
Millionaire target age
Amount currently invested
Savings per month
Expected rate or return
Expected inflation rate


        Your age
        Millionaire target age
        Amount currently invested
        Savings per month
        Expected Rate of Return
        Expected Inflation Rate
Your age

Your current age in years.

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Millionaire target age

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

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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.

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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.

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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 dependant on the type of investments you select. From January 1970 to December 2004, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.5% per year. During this period, the highest 12-month return was 64%, and the lowest was -39%. Savings accounts at a bank 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 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.

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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 2004.

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Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
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© 2006 LOAN Spart Corporation. All rights reserved.
 LOAN is a registered mark of the General Motors Acceptance Corporation.

 

© 2006 LOAN Spart Corporation. All rights reserved. LOAN is a registered mark of the General Motors Acceptance Corporation.

© 2005 LOAN Spart Corporation. All rights reserved.
 LOAN is a registered mark of the General Motors Acceptance Corporation.

 

© 2005 LOAN Spart Corporation. All rights reserved. LOAN is a registered mark of the General Motors Acceptance Corporation.