Saving money for retirement or other purposes is not simply a matter of putting money in the bank. Your savings will earn different rates of return, depending on where you invest. Through the magic of compounding interest, your initial investment will grow each year, sometimes at surprising rates.
This simple calculator will determine how much a given investment will grow, over a fixed period of time at a fixed rate of return. You can use the calculator to determine the future value of your current investments. Or, you can use it to estimate when you should start saving for future needs, such as a child’s college education. If you know that you’ll need $100,000 in ten years’ time, for example, you can calculate roughly how much money you’ll need to set aside now to achieve that sum.
Saving sufficient money for future needs is a matter of crunching the numbers, and our simple calculator is a good place to start. Use our calculator often to keep your plans on track.