How long it takes to save $1 million
The time to $1 million is the point where your savings, plus the future value of your monthly deposits, reach the goal; the calculator steps month by month to find it.[1] Starting from zero:
| Monthly amount | At 4% a year | At 6% a year | At 8% a year |
|---|---|---|---|
| $500 a month | 51 yr 7 mo | 40 yr 9 mo | 34 yr 3 mo |
| $1,000 a month | 37 yr 1 mo | 30 yr 5 mo | 26 yr 1 mo |
| $2,000 a month | 24 yr 9 mo | 21 yr 3 mo | 18 yr 9 mo |
The return matters more the longer you invest: in the last years of a long plan, growth adds far more each year than your deposits do. To model other targets, deposit schedules or compounding, the compound interest calculator has a "Time to goal" mode; the SEC's investor.gov runs the same kind of projection.[2]
How much to save each month to be a millionaire
Working backward from a date, the monthly amount needed to reach $1 million by 65, starting from nothing:
| Starting age | 4% return | 6% return | 8% return |
|---|---|---|---|
| 25 (40 years to 65) | $861 | $524 | $310 |
| 30 (35 years to 65) | $1,111 | $728 | $467 |
| 35 (30 years to 65) | $1,459 | $1,026 | $710 |
| 40 (25 years to 65) | $1,965 | $1,479 | $1,100 |
| 45 (20 years to 65) | $2,748 | $2,205 | $1,757 |
Starting ten years earlier cuts the monthly amount by half or more at 6% to 8%. Fill in "Or reach it by age" above to get your own figure; the savings goal calculator does the same for any target.
What $1 million will be worth
A million dollars decades from now buys less than today. Consumer prices rose 3.7% over the 12 months to September 2026.[3] At that rate, the example's $1 million in 27 years is worth about $371,560 in today's dollars. The calculator shows this for your inputs; set inflation to 0 to hide it.
Choosing a return
- Savings accounts and CDs pay a known rate, insured up to $250,000 per depositor, per bank, per ownership category, but rarely beat inflation by much.[4] Use the high yield savings account calculator for those.
- Stocks and funds have historically returned more over long periods, but returns vary year to year and are not guaranteed. Treat any rate you enter as a scenario, and test a lower one too.
- Taxes and fees reduce what compounds. Tax-advantaged retirement accounts can change the result.
Scenarios, not promisesNo calculator can tell you what markets will return. The arithmetic shows how saving rate, time and return interact.
For a quick doubling estimate, see the rule of 72.
Related calculators
- Compound interest calculatorDeposits, any compounding, inflation, goal seek, chart and CSV
- Savings goal calculatorMonthly deposit needed for a target, or time to reach it
- Rule of 72 calculatorDoubling time, and how far off the shortcut is
- Future value calculatorA lump sum and a series of payments, grown forward
Frequently asked questions
How long does it take to become a millionaire saving $1,000 a month?
About 28 years and 1 months at a 7% annual return, starting from zero; about 37 years at 4%.
How much do I need to save a month to be a millionaire by 65?
Starting at 30 from nothing: about $728 a month at 6%, or $467 at 8%.
Can you become a millionaire with a savings account?
Yes, with enough time and deposits, but savings rates are low compared with long-run stock returns, so it takes much larger monthly amounts or many more years.
Is $1 million enough to retire?
It depends on spending, other income and inflation. At 3.7% inflation, a million dollars loses about a third of its buying power in 11 years.