How much money do you need and what strategy should you follow to accomplish your savings goal? Find out the answers with this calculator if you are not sure of what to do. Enter a savings plan and analyze the graphical results on the screen. You can also view a detailed report for more information.
The amount you wish to have in savings at the end of this savings plan.
Years to save
The number of years you have to save.
Amount currently saved
Total you currently have saved toward this savings goal.
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 dependent on the type of investments you select. For example, for the last thirty years the average annual rate of return for the TSX is about 10%. Savings accounts at a bank or credit union may pay as little as 2% 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 annual inflation rate
What you expect for the average long-term inflation rate.