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Financial Planning

Who Wants to be a Millionaire?

Who Wants to Be a Millionaire?

Do you want to be a millionaire when you retire? Is a million dollars enough to have a secure financial retirement? It depends upon a number of factors. They include:

What other resources of revenue are there to draw from?
What is the future value of the dollar based upon inflation?
What is the expected cost for your desired lifestyle?

Fortunately we have a financial calculator that will figure this for us also!

But for now lets see what it will take to have a million dollars in our financial portfolio at the time of your retirement.

Millionaire Time Calculator
This calculator will compute the number of years it will take for you to save up one million dollars, based on your current savings and future monthly deposits.

Enter the initial investment (optional):
Enter the deposit amount:
Enter the annual interest rate you expect to earn (%):
Enter average annual inflation rate (%):
Number of years till your savings reaches $1 million:
What $1 million will be worth in today's dollars:

Take your time and play with the Millionaire Calculator. It is really interesting to see what happens to the dollar value when figuring inflation. Also note that the inflation amount can be expressed as 2.5 for 2 1/2 percent.

When you are done you can see what it will take to have $1,000,000 at retirement both in dollars and future dollars. Will this work into your financial planning?

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