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Savings Goal Calculator

This savings goal calculator finds the monthly amount you need to reach a goal set in today's money, and shows where your current savings plan leads, year by year, before and after inflation.

Current savings

Monthly contribution

Effective annual return %

Years

Target in today’s money

Annual inflation %

Assumes a fixed effective annual return, monthly end-of-period contributions, and no fees or taxes. Projections are not guaranteed investment outcomes.

Projected balance: 107693.87
Today’s purchasing power: 72474.89
Required monthly savings: 666.96
Inflation-adjusted target: 297189.48

Year	Nominal balance	Today’s money
1	12954.52	12700.51
2	16056.76	15433.25
3	19314.11	18200.12
4	22734.33	21003.01
5	26325.56	23843.87
6	30096.36	26724.70
7	34055.69	29647.53
8	38212.99	32614.42
9	42578.16	35627.50
10	47161.58	38688.92
11	51974.17	41800.91
12	57027.40	44965.71
13	62333.28	48185.65
14	67904.46	51463.10
15	73754.20	54800.46
16	79896.43	58200.22
17	86345.76	61664.91
18	93117.57	65197.14
19	100227.96	68799.56
20	107693.87	72474.89

How the savings goal is calculated

Monthly rater = (1 + annual return)^(1/12) − 1
Target in future dollarstarget × (1 + inflation)^years
Each monthbalance = balance × (1 + r) + monthly contribution
Required monthly savings(future target − current × (1 + r)^n) × r ÷ ((1 + r)^n − 1)
Today's purchasing powerbalance ÷ (1 + inflation)^years

n is the number of months. When the return is 0 the required amount is simply what's left to save divided by n. If your current savings will reach the target on their own, the required amount shows 0.

Assumes a fixed effective annual return, monthly end-of-period contributions, and no fees or taxes. Projections are not guaranteed investment outcomes.

Worked example: $200,000 in 20 years

You have $10,000 saved and add $200 a month. You assume a 5% return and 2% inflation.

Year	Balance	In today's money
5	$26,326	$23,844
10	$47,162	$38,689
15	$73,754	$54,800
20	$107,694	$72,475

At $200 a month you end with $107,694, worth $72,475 today — well short. Matching $200,000 of today's spending power means reaching $297,189, which takes $666.96 a month. Put that in as your contribution and the projection ends at $297,188. Without any growth at all you'd need $1,196.62 a month.

How return and time change the answer

Monthly savings needed for $200,000 in today's money

Starting from $10,000, with 2% inflation:

Years	3% return	5% return	7% return
10	$1,652	$1,474	$1,310
20	$854	$667	$509
30	$584	$391	$245

More time does more than a higher return. Adding years both spreads the target over more deposits and gives early deposits longer to compound, even though inflation pushes the target higher.

Choosing your assumptions

Return: use a rate that fits where the money sits, after fees. Cash savings usually earn less than a stock-heavy portfolio, which also swings more from year to year. Run a cautious case as well as a hopeful one.
Effective, not nominal: the return is an annual yield, like an APY. A savings account quoted as 5% APY fits directly. A rate compounded monthly and quoted as an APR is slightly lower than its effective yield.
Inflation: the US Federal Reserve targets 2% a year over the longer run, measured by the PCE price index. Actual inflation has run well above and below that, so try 3% too.
Real return shortcut: setting inflation to 0 and using return minus inflation gives a similar answer in today's money. It's close, not identical, because the calculator compounds the two separately.
Taxes: not modeled. Tax-advantaged accounts such as a 401(k) or IRA change what you keep, and each has annual contribution limits.

This is a projection with a steady return, not financial advice. Real markets don't move in a straight line, and the order of good and bad years matters once you start withdrawing.

Sources: Board of Governors of the Federal Reserve System, "Why does the Federal Reserve aim for inflation of 2 percent over the longer run?"; FDIC and Truth in Savings Act (Regulation DD) definition of annual percentage yield. Checked 15 October 2026.

Frequently asked questions

How much do I need to save each month to reach my goal?+

Enter your current savings, the goal in today's money, the years and your expected return. With $10,000 saved, a $200,000 goal in 20 years, a 5% return and 2% inflation, you need $666.96 a month. The figure is worked out from the goal, so it ignores the monthly contribution field.

Why is the target in today's money?+

Because $200,000 buys less in 20 years. At 2% inflation the same spending power then costs $297,189.48, and that is the amount the calculator saves toward. Set inflation to 0 to save for a fixed dollar amount instead; the monthly figure drops to $427.46.

What return should I use?+

One you could reasonably expect after fees on how the money is held: a savings account, bonds, stocks or a mix. Try a low and a high case. In the example above, a 3% return needs $853.98 a month and a 7% return $509.31. Returns aren't guaranteed, and real investments go up and down rather than growing steadily.

How is the annual return turned into a monthly rate?+

It's treated as an effective annual rate — what a year of monthly compounding adds up to. The monthly rate is (1 + annual rate)^(1/12) − 1, so 5% a year is 0.407% a month, not 5 ÷ 12. Contributions are added at the end of each month.

How much difference does starting earlier make?+

A lot, because early deposits compound for longer. For the same $200,000 goal in today's money, with $10,000 already saved, 5% returns and 2% inflation, you need $1,473.86 a month over 10 years, $666.96 over 20 and $391.30 over 30.

What does today's purchasing power mean?+

It's the projected balance shrunk by inflation, to show what it would buy now. Saving $200 a month on top of $10,000 at 5% grows to $107,693.87 in 20 years, which at 2% inflation has the buying power of $72,474.89 today.

How long will it take to reach my savings goal?+

Enter what you can save each month, set Years high, and look down the yearly table for the first year where the "Today's money" column passes your goal. Saving $500 a month on top of $10,000, at 5% returns and 2% inflation, reaches $200,000 in today's money in year 26, when the nominal balance is $349,203.64.

What's the difference between nominal and real returns?+

A nominal return is the growth you see on your statement; a real return is what's left after inflation. The calculator keeps them separate: enter the nominal return and inflation, and it reports both. A 5% return with 2% inflation is a real return of (1.05 ÷ 1.02) − 1 = 2.94% a year, a little less than the simple 5 − 2.

Why does it say I need to save $0 a month?+

Because your current savings are on track to reach the goal on their own. $120,000 growing at 5% for 20 years becomes more than the $297,189.48 target, so the required monthly savings is $0.00. The calculator never shows a negative amount.

Does it include taxes and fees?+

No. Lower the return to allow for them. A 0.5% yearly fee on a 5% return is roughly a 4.5% return, which raises the monthly amount needed in the example from $666.96 to $710.83. Taxes on interest, dividends or withdrawals depend on the account type and aren't modeled.

Can I use it for retirement planning?+

For the saving phase, yes: set the goal to the nest egg you want and the years to your retirement date. It doesn't model employer matching, contribution limits, Social Security or withdrawals in retirement, so treat it as a first estimate, not a plan.

Is anything I enter saved or sent?+

No. Your savings, goal and assumptions are calculated in your browser and are not stored or uploaded. Download summary saves the results and yearly table as a text file on your device only when you click it.