Begin Balance = 0
Monthly Deposit =
End Balance =
Helps calculate monthly savings required to amass a certain income, whether for a future date or retirement.
See the [https://.../t/47c1622fb9edbd3e2f4a | advanced savings template] to perform advanced what if scenario analysis and also consider inflation's impact on long-term savings.
- Begin Balance: Initial amount saved.
- Monthly Deposit: Amount saved each month. Deposits are made at the end of every month.
- Interest/Year: Average, annual interest rate earned on investments expressed as a percentage.
- Term: Number of months or years until retirement.
- End Balance: Balance at retirement.
I have $180,000 in assets and would like to retire in 30 years. If I was able to save $1,000 per month at 5% interest, how much would I have saved for retirement?
- Begin Balance: 180,000.00
- Monthly Deposit: 1,000.00
- Interest/Year: 5.000%
- Term: 30.0 years
- Inflation/Year: 3.0%
30 years from now I will have saved $1.6 million.