Time to Reach a Savings Goal
Find how long it takes to reach a target, like your first $1 million, at your current savings rate.
How it's calculated
The balance grows month by month, adding your contribution and one twelfth of the annual return, until it reaches the target. The number of months is then converted into years.
For example, saving $1,000 a month with no starting balance and no growth reaches $12,000 in exactly 1 year. Add investment growth and the finish line arrives sooner, since the balance earns returns along the way.
The calculation is monthly, so a result like 18.5 years means you cross the target partway through that year. Raising your contribution or your return both shorten the time, and a higher return matters more the larger your balance gets.
Assumptions
- Returns compound monthly, and contributions are made at month end.
Last updated: 2026-08-07
These assumptions follow our general methodology.
Frequently asked questions
Why might the answer be a fraction of a year?
The calculation is monthly, so it reports the exact month you cross the target, expressed in years.
How can I reach my goal faster?
The three levers are saving more each month, earning a higher return, and starting with a larger balance. Saving more helps most early on, while a higher return matters more as your balance grows.
Is this how the millionaire calculators work?
Yes. Set the target to $1,000,000 and it tells you how long your current savings and monthly contributions would take to get there.