- 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 will 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. The actual
rate of return is largely dependant on the type of investments
you select. For example, for the last thirty years the
average annual rate of return for domestic equity stocks
has been about 10%. Savings accounts at a bank pay as
little as 2%. 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.
- Expected Inflation Rate
- What you expect for the average long
term inflation rate.
|
