Cool MillionWhat might it take to save one million dollars? This financial calculator helps you find out. Enter in your current savings plan and view graphically your financial results for each year until you retire! A complete report tells you when you could hit your Cool Million  and what you can do to reach this milestone on target!
Definitions
 Your age
 Your current age in years.
 Millionaire target age
 The age you want to become a millionaire. For example, to find out what it could take to be a millionaire by age 40, enter 40 here.
 Amount currently invested
 Total value of all of your current investments. Although you could include your home and personal property in this amount  it is a bit more accurate to include only your savings, retirement accounts and investments.
 Savings per month
 The amount you will contribute each month to your investments. This calculator assumes that all savings are added to your account at the beginning of the month.
 Expected Rate of Return
 This is the annually compounded rate of return you expect from your investments. For the purposes of this calculator, taxation is not factored into the results. If you pay taxes on the interest, dividends or capital gains from these investments, you may wish to enter your after tax rate of return.
The actual rate of return is largely dependant on the type of investments you select. From January 1970 to December 2004, the average compounded rate of return for the S&P 500, including reinvestment of dividends, was approximately 11.5% per year. During this period, the highest 12month return was 64%, and the lowest was 39%. Savings accounts at a bank pay as little as 1% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for longterm investments. This includes the potential loss of principal on your investment.
 Expected Inflation Rate
 What you expect for the average longterm inflation rate. A common measure of inflation in the U.S. is the Consumer Price Index (CPI), which has a longterm average of 3.1% annually, from 1925 through 2004.


