Savings Goal

By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
You could reach your goal in 4 years, 2 months.
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Savings plan inputs:
**FIG_GRAPHTITLE** Column Graph: Please view the report to see detailed calculation results in tabular form.
Savings Plan by Year

Definitions

Savings goal

The amount you wish to have in savings at the end of this savings plan.

Target years to save

The number of years you have to save.

Amount currently saved

Total you currently have saved toward this savings goal.

Monthly savings

The amount you will contribute each month to your savings. 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 savings or investment. The actual rate of return is largely dependent on the type of investments you select. For example, the annual return of the S&P/TSX Composite Index for the 10 year period from December 31, 2009 through December 31, 2019 was 3.9% (source spindices.com). Over the same period the total annual return (including dividends) was 6.9% (source spindices.com). 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.