Calculator: How Much Will Your Savings Be Worth?
There are 5 main elements to consider when figuring out how much todayï¿½s savings will be worth in the future: how much you have already put away in savings, how much you are able/willing to put away each month in the future, for how many months you will be putting the money away, what your savings rate (the amount of money you will make on your savings) is and what the inflation rate is ($10 in 1922 bought a lot more in 1900 than $10 will buy today. Similarly, your $1000 in the bank today will not be worth as much in 2020.). Taxes are also part of the equation because you are required to pay taxes on the earnings you make on your investments.
Each of these items affects the end result. This calculator will tell you out just what effect saving today will mean for you tomorrow, and how you can improve you investment results by altering the different elements.
Play around with this calculator to see if you are on the right track.