By James Moore

December 4, 2023

Millionaire status may seem like a far-off dream, but most people don’t realize how attainable it is to retire a millionaire. Whether you plan to start by cutting back on coffee or kick it into high gear with a full-fledged savings plan, can help you find out how long it’ll take for you to earn your first million. Take a look at our Millionaire Calculator below and answer a few questions to generate a timeline for your savings over the years.

Calculator Terms

Age and Savings

Current Age/Age to Become a Millionaire

Your age expressed as a number from one to 100. These numbers are used to establish your millionaire timeline.

Initial Balance or Deposit

The amount (if any) that you’ve saved up to this point. Congratulations on the head start!


Annual Increase on New Savings

The percentage by which you plan to adjust your savings each year. Use this to scale your savings over time or to measure the impact of slowing down your savings over the years.

See more: Rule of 72 Investment Calculator

Before-Tax Return on Savings

The rate of return you’re expecting on your money before taxes are taken into account. If you plan to keep your money in a standard savings account, leave this value at 0% or enter the interest rate your savings account offers. The average rate of return on the S&P 500, including reinvestment of dividends, was 11.3% between Jan. 1, 1970, and Dec. 31, 2022.

Bear in mind that all projections using this calculator are hypothetical. does its best to offer the most accurate financial information based on previous data, but we cannot predict future market conditions. Calculator projections do not constitute financial advice. Any investment carries a level of risk, including the risk of loss on investment. We recommend consulting a financial adviser before deciding on the investment strategy that’s right for you.

Marginal Tax Bracket

The marginal federal tax rate. This often represents your income tax bracket.

Marginal Tax Bracket

Anticipated Inflation Rate

The average rate of inflation you expect over the course of your millionaire journey. One of the most common U.S. inflation measures is the Consumer Price Index (CPI). The CPI’s long-term average from 1925 to 2022 is 2.9%, but it went as high as 13.5% in 1980. The U.S. Bureau of Labor Statistics reported the CPI at 8% for 2022.

>> Also check out: Net Worth Calculator

What To Do With Your Calculations

Congratulations, you’ve just taken an important step toward becoming a millionaire! Whether you’re well on your way or just starting with a few dollars, here are a few more tips to help you stay focused:

  • Consult a financial adviser: Expert advice is a cornerstone of any serious investment strategy. Whether you’re talking to a legal-services provider like Nolo or checking out a great financial podcast, it’s important to find a few advisers for wherever you are in your journey.
  • Live below your means: Decades-long savings plans can be difficult to maintain over the years without guardrails. One principle to keep in mind is to consider limiting your spending where possible to create room in your budget for savings. Take some time to consider any short-term goals you’d like to set, and use our Personal Budget Calculator to see where you stand.
  • Start early: True wealth-building is often more of a marathon than a sprint. Interest, inflation, and taxes will definitely have an effect on your ability to save, but it’s surprising how much momentum you generate with small, consistent savings over time. Crunch the numbers using our Early Savings Calculator for an even clearer picture of the difference a few years can make.