How to save $1,000,000 in 20 years
Save each month (at 6% / yr)
$2,164.31/mo
You contribute
$519,435
Investment growth
$480,565
Goal
$1,000,000
To reach $1,000,000 in 20 years assuming a 6% annual return compounded monthly, you'd need to invest about $2,164.31 per month. Over 240 months you contribute $519,435, and compound growth adds the remaining $480,565.
Assumes a constant 6% annual return compounded monthly. Illustration only, not financial advice.
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