# How Long Does It Take to Save a Million Dollars?

## The Fastest Way to Save a Million Dollars is to Maximize Returns and Your Savings Rate

**You Can Be A Millionaire if You Save, But it Takes Time.**
Below is a chart of how long it takes to save a million dollars. The two important factors
in becoming a millionaire are 1) how much you can save and 2) how well
you invest. The table below shows the number of years it will
take you to save a million dollars at different monthly savings amounts
and at various rates of return. Obviously, the more you invest
and the more you make on your investments, the faster you reach your
goals. However, look at the numbers closely and you'll notice
that the number of years it takes you to reach a million dollars will
be 5 times less if you maximize your savings rate and your return rate!

**How to Read the Chart.** This table can be used in many
different ways. One way is to determine the time you have until
retirement, choose your estimated investment rate of return (depending
on your risk profile), and then find the monthly savings rate that matches
your investment return and years until retirement. It will tell
you how much you need to save each month to reach a million dollars.
If you need 2 million dollars to retire, you can multiply the monthly
savings rate by two to find the amount you need to invest each month
to reach your goal. A second, and more obvious way, to read the
chart is to find the amount of money you save or invest each month,
find the estimated return you expect on your savings or investments,
and then find the corresponding number of years until you reach one
million dollars. No matter how much you will need to retire, this
chart will be useful to determine both how long it will take to reach
your goal and how much you need to save to reach your goal.

**Years To Save One Million Dollars**

Monthly Savings | 2% | 4% | 6% | 8% | 10% | 12% | 14% | 16% |

$50 | 177 | 105 | 77 | 61 | 51 | 44 | 39 | 35 |

$100 | 144 | 88 | 66 | 53 | 44 | 39 | 34 | 31 |

$150 | 125 | 79 | 59 | 48 | 40 | 35 | 31 | 28 |

$200 | 112 | 72 | 54 | 44 | 38 | 33 | 29 | 26 |

$250 | 102 | 67 | 51 | 42 | 35 | 31 | 28 | 25 |

$300 | 94 | 62 | 48 | 39 | 34 | 30 | 26 | 24 |

$400 | 82 | 56 | 43 | 36 | 31 | 27 | 24 | 22 |

$500 | 73 | 51 | 40 | 33 | 29 | 25 | 23 | 21 |

$750 | 58 | 42 | 34 | 29 | 25 | 22 | 20 | 18 |

$1,000 | 49 | 37 | 30 | 25 | 22 | 20 | 18 | 17 |

$1,250 | 42 | 32 | 27 | 23 | 20 | 18 | 17 | 15 |

$1,500 | 37 | 29 | 24 | 21 | 19 | 17 | 16 | 14 |

$2,000 | 30 | 25 | 21 | 18 | 16 | 15 | 14 | 13 |

$2,500 | 26 | 21 | 18 | 16 | 15 | 13 | 12 | 12 |

$3,000 | 22 | 19 | 16 | 15 | 13 | 12 | 11 | 11 |

$4,000 | 17 | 15 | 14 | 12 | 11 | 10 | 10 | 9 |

$5,000 | 14 | 13 | 12 | 11 | 10 | 9 | 9 | 8 |

See Also: Money Saving Ideas