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Savings Goal
What will it take to
reach your savings goal? This financial calculator helps
you find out. Enter in your savings plan and view graphically
your financial results. Click the report button to get
more information about your plan, and what you can do
to make sure that it is on track.
Definitions
Years to save
The number of years you have to save.
Savings goal
The amount you wish to have in savings at
the end of this savings plan.
Amount currently saved
Total you currently have saved toward this
savings goal.
Monthly savings
The amount you will contribute each month
to your investments. This calculator also assumes
that you make your contribution at the beginning
of each 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. For example,
from January 1970 to February 2003, the average
compounded rate of return for the S&P 500, including
reinvestment of dividends, was approximately
11%. 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 long-term
investments. This includes the potential loss
of principal on your investment.
Expected Inflation Rate
What you expect for the average long-term
inflation rate. |
Information and interactive calculators
are made available to you as self-help tools for your
independent use and are not intended to provide investment
advice. We can not and do not guarantee their applicability
or accuracy in regards to your individual circumstances.
All examples are hypothetical and are for illustrative
purposes. We encourage you to seek personalized advice
from qualified professionals regarding all personal
finance issues.
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