Savings Goal Calculator

This calculator tells you how many years it will take you to reach a certain savings goal based on the amount you already have saved, the amount you save each year, and the annual rate of return you earn on your savings.
To find how long it will take you to reach a certain savings goal, simply fill in the values below and then click the “Calculate” button.

You will reach your savings goal in:

16.6 years


Some Interesting Ways to Use This Calculator

See how investment returns impact the time it takes to reach your savings goal.
For example, if you currently have $0 and hope to save $100k by saving $10k each year, then earning 3% annual returns will allow you to hit this goal in 8.9 years. Bumping your returns up to 7% each year will allow you to hit your goal in 7.8 years, just one year sooner.
On the other hand, if you currently have $0 and have a much larger goal to save $1 million by saving $10k each year, then earning 3% annual returns will allow you to hit this goal in 46.9 years. Bumping your returns up to 7% each year will allow you to hit your goal in 30.7 years, shaving 16 years off your timeline.
See how your starting point impacts the time it takes to reach your savings goal.
For example, if you currently have $0 and hope to save $1 million by saving $10k each year while earning 5% annual returns, then it will take you 36.7 years to achieve this goal.
On the other hand, if you currently have $200,000 already saved and hope to save $1 million by saving $10k each year while earning 5% annual returns, then it will only take you 22.5 years to hit this goal.
See if a higher savings amount or a higher annual return will make a larger impact on the time it takes you to hit your savings goal.
For example, if you currently have $0 and hope to save $500k by saving $10k each year while earning 5% annual returns, then it will take you 25.7 years to achieve this goal.
If you keep your annual savings the same but you bump up your annual returns to 7%, then you will be able to reach your savings goal in 22.2 years.
On the other hand, if you bump up your annual savings to $15k per year and keep your annual returns at 5%, then you will be able to reach your savings goal in just 20.1 years.

Zach

Zach is the author behind Four Pillar Freedom, a blog that teaches you how to build wealth and gain freedom in life.

Zach's favorite free financial tool he's been using since 2015 to manage his net worth is Personal Capital. Each month he uses their free Investment Checkup tool and Retirement Planner to track his investments and ensure that he's on the fast track to financial freedom.

Although the bulk of his net worth is invested in index funds, his favorite place to invest in individual stocks is M1 Finance, a site that allows you to build a custom portfolio of stocks for free.

His favorite way to save money each month on his recurring bills is by using Trim, a free financial app that negotiates lower cable, internet, and phone bills with any provider on your behalf.

His favorite micro-investing app is Acorns, a free financial app that takes just 5 minutes to set up and allows you to invest your spare change in a diversified portfolio.

His favorite place to find new personal finance articles to read is Collecting Wisdom, a site that collects the best personal finance articles floating around the web on a daily basis.

Zach

Full Disclosure: Nothing on this site should ever be considered to be advice, research or an invitation to buy or sell any securities, please see my Terms & Conditions page for a full disclaimer.