With this financial calculator, you can find out what it takes to save one million dollars. Just enter your current savings plan and see a graph of your financial results for each year until you retire. Press the "View Report" button to see a report that helps you learn exactly when you'll hit the magic million mark, and what you need to do to achieve this goal.

Your age

This is your present age, in years.

Millionaire target age

The age at which you would like to become a millionaire. For example, if you want to see what it takes to be a millionaire by age 40, enter 40 here.

Amount currently invested

What all your current investments are worth. Some people include their home and personal property in this total; but it's better to include only your investments, savings and retirement accounts.

Savings per month

Your total investment contribution each month. (This calculator works on the assumption that all savings are added to your account at the start of each month.)

Expected Rate of Return

This is the annually compounded rate of return (how much interest you earn) you expect to get from your investments. (Compounded simply means that interest is figured not only on the initial principal, but also on the accumulated interest you've already earned.)

With this calculator, the results do not factor in taxation. You may want to enter your after-tax rate of return if you pay taxes on interest, dividends or capital gains from these investments.

The actual rate of return depends on the type of investment. Over almost the last 40 years, the average rate of return has been about 11.4% per year (source: www.standardandpoors.com). By comparison, bank savings accounts pay out as little as 1% or less per year.

You must remember that future rates of return can't be readily predicted, and that investments with higher rates of return are typically subject to greater risk and volatility. The actual investment rate of return can vary widely over time, particularly for long-term investments; this includes the potential loss of your principal investment. It is impossible to invest directly in an index, and the above-noted compounded rate of return does not reflect sales charges and other fees that funds and/or investment companies are allowed to charge.

Expected Inflation Rate

How much you expect the average long-term inflation rate to be. A good measure of inflation in the United States is the Consumer Price Index (CPI), which has average 3.1% annually for over 80 years. The Minneapolis Federal Reserve reports the CPI for 2007 as being 2.4%.