What will it take to become a millionaire?
Inputs Next Steps

Current age
Desired age to be a millionaire
Amount you have invested
Amount you can save monthly
Your savings rate
Your federal tax rate
Your state tax rate
Inflation rate

This tool calculates how long it will take you to save $1 million based on the savings information that you provide. The future value of $1 million is discounted by the inflation rate.

The calculator assumes you save with a taxable account. If you want to simulate saving with a tax-advantaged account, enter a zero in the fields for federal and state income tax rates. Tax-advantaged accounts may have restrictions on taking early penalty-free distributions. You may wish to consult a financial professional.
Taxable account: An account that does not receive the tax breaks that either a tax-exempt account or tax-deferred account are eligible to receive.
Inflation rate: The yearly percentage increase in prices. The annual inflation rate in the U.S. has averaged about 2-3% in the last 10 years.
Future value: The amount to which your investment grows in the future. For example, the future value of $100 invested monthly at 8% is $1,245 after 12 months.
Tax rates: The percentage of your taxable income that is owed to the state and federal governments. The tax rate increases as the taxable base amount increases.
Discount: A price that is less than the regular sale price. In bond investing, a discount is a bond price that is less than the par value of the bond.
Savings interest rate: The yearly interest rate you earn on your savings.
Tax-advantaged account: An investment account with tax-deferred or tax-exempt features that are used to save for retirement, college, and other educational expenses.
Lump-sum investments: An investment that you make to open an investment or savings account.
Inflation: A general increase in prices that you pay for goods and services, stated as a yearly rate.
Leadfusion CALCULATORS: Savings Email Results

The Northwestern Mutual Life Insurance Company, 720 E. Wisconsin Avenue, Milwaukee, Wisconsin, 53202-4797.

The calculators are provided by a third party service provider, Leadfusion, Inc. The figures entered on the input page of this calculator are for hypothetical purposes only. You should enter figures that are appropriate to your individual situation. The results provided by this calculator are also intended for illustrative purposes only and accuracy is not guaranteed by Northwestern Mutual. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Northwestern Mutual, its affiliates or any other institution, nor does this calculator predict or guarantee the actual results of any investment product. The terms and conditions of products offered by institutions will differ and may affect the results of the calculator. Please consult with qualified professionals to discuss your situation.

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