be a millionaire 1
TRANSCRIPT
-
8/2/2019 Be a Millionaire 1
1/2
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial
situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax
advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but
we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate
future results.
INTRODUCTION
It may surprise you how quickly you can accumulate a million dollars. Use this calculator to determine the annual amount youwould have to set aside each year to reach a million dollars and reach your goal to be a millionaire.
ANALYSISBased on your existing savings of $30,000 it appears that you will need to save $5,025 indexed at 10% annually in order tobecome a millionaire by age 55 .
However, a million today will not be worth the same in 25 years. One million adjusted for inflation of 3% will be $2,032,794 in25 years. You will need to save $10,982 annually (indexed at 10%) to reach that goal by age 55.
BECOMING A MILLIONAIRE
Date: March 24, 2012
AgeBeginningBalance Savings @ 10.0% Earnings Taxes @ 25.0% Ending Balance
30 $30,000 $5,025 $2,802 $700 $37,126
31 37,126 5,527 3,412 853 45,213
32 45,213 6,080 4,103 1,026 54,371
33 54,371 6,688 4,885 1,221 64,722
34 64,722 7,357 5,766 1,442 76,404
35 76,404 8,093 6,760 1,690 89,567
36 89,567 8,902 7,877 1,969 104,377
37 104,377 9,792 9,134 2,283 121,019
38 121,019 10,771 10,543 2,636 139,698
39 139,698 11,848 12,124 3,031 160,639
40 160,639 13,033 13,894 3,473 184,093
41 184,093 14,337 15,874 3,969 210,335
42 210,335 15,770 18,088 4,522 239,672
43 239,672 17,347 20,562 5,140 272,440
44 272,440 19,082 23,322 5,830 309,013
45 309,013 20,990 26,400 6,600 349,804
46 349,804 23,089 29,831 7,458 395,267
47 395,267 25,398 33,653 8,413 445,905
48 445,905 27,938 37,907 9,477 502,274
49 502,274 30,732 42,640 10,660 564,986
-
8/2/2019 Be a Millionaire 1
2/2
This information may help you analyze your financial needs. It is based on information and assumptions provided by you regarding your goals, expectations and financial
situation. The calculations do not infer that the company assumes any fiduciary duties. The calculations provided should not be construed as financial, legal or tax
advice. In addition, such information should not be relied upon as the only source of information. This information is supplied from sources we believe to be reliable but
we cannot guarantee its accuracy. Hypothetical illustrations may provide historical or current performance information. Past performance does not guarantee nor indicate
future results.
SUMMARY OF INPUT
50 564,986 33,805 47,903 11,976 634,718
51 634,718 37,186 53,752 13,438 712,218
52 712,218 40,904 60,250 15,062 798,309
53 798,309 44,995 67,464 16,866 893,902
54 $893,902 $49,494 $75,472 $18,868 $1,000,000
Current age 30
Age to become millionaire 55
Initial balance or deposit $30,000
Annual increase on new savings: (%) 10.00%
Before-tax return on savings: (%) 8.00%
Marginal tax bracket: (%) 25.00%
Anticipated inflation rate: (%) 3.00%