Calculate how much you need to save each month to reach a Savings Goal. Simply enter your savings goal, beginning savings amount, interest rate, and number of years. The calculator will provide you with the amount you need to save each month to reach your goal.

Savings Goal ^{[?]The retirement savings amount you want to reach.}

$

Beginning Amount ^{[?]The amount of your current retirement savings.}

$

Annual Interest ^{[?]The annual interest rate on your retirement savings.}

%

Number of Years ^{[?]The length of time in months to calculate your retirement savings growth.}

Your savings goal of **$100,000.00** over **20 years** with an interest rate of **3.00%** will require:

Monthly Savings of: **$304.60**

Interest Earned: $26,896.58

Total Saved: **$100,000.00**

Savings Growth

Year

Interest Earned

Total Interest

Savings Balance

1

$50.68

$50.68

$3,705.85

2

$163.40

$214.08

$7,524.42

3

$279.54

$493.62

$11,459.13

4

$399.22

$892.84

$15,513.52

5

$522.54

$1,415.38

$19,691.23

6

$649.61

$2,064.98

$23,996.01

7

$780.54

$2,845.53

$28,431.72

8

$915.46

$3,760.98

$33,002.35

9

$1,054.48

$4,815.46

$37,712.00

10

$1,197.73

$6,013.19

$42,564.90

11

$1,345.33

$7,358.52

$47,565.40

12

$1,497.43

$8,855.95

$52,718.00

13

$1,654.15

$10,510.10

$58,027.32

14

$1,815.64

$12,325.73

$63,498.13

15

$1,982.04

$14,307.77

$69,135.34

16

$2,153.50

$16,461.27

$74,944.00

17

$2,330.17

$18,791.44

$80,929.35

18

$2,512.22

$21,303.66

$87,096.74

19

$2,699.81

$24,003.47

$93,451.73

20

$2,893.10

$26,896.58

$100,000.00

**Retirement Savings Goal**: How much do you want saved by the time you retire? Most would say more than we could ever save, so setting a realistic amount will allow you to estimate how much you could save by retirement.**Initial Amount**: If you have already begun saving for retirement (401k, IRAs, or another type of savings) then you are already on your way to your retirement goal.**Interest Rate**: The interest rate on your retirement savings will affect how quickly your money will grow.

**Example of Savings with Different Interest Rates.**

$0 beginning balance, $100 saved monthly, compounded monthly, savings for 5 years.• Example 2.00% • • Example 5.00% • Amount Saved: $6,304.74

Earned Interest: $304.74Amount Saved: $6,800.61

Earned Interest: $800.61The higher interest loan would **earn you $495.87 more**than the lower rate loan.

**Interest Compounded**: Your credit union may compound interest monthly, quarterly or less often. The compounding of interest helps your savings grow. The more often your interest is compounded, the quicker your savings balance grows. The compounded interest then begins to earn interest along with the funds you have saved.**Number of Years**: The length of time you plan on saving towards your goal will affect how you much you can save in the end.

**Example of Savings with Different Number of Years.**

$0 beginning balance, $100 saved monthly, compounded monthly, with a 2.00% interest rate.• Example 2 Years • • Example 5 Years • Amount Saved: $2,446.57

Earned Interest: $46.57Amount Saved: $6,304.74

Earned Interest: $304.74Saving for more years would **earn you $258.17 more**in interest than saving for fewer years.

**Retirement Savings Considerations**

**Regular Savings**: A good rule of thumb for saving is to put aside at least 10% of all money you receive. No matter where the source, get into a habit of taking 10% of the money and immediately putting it into savings. Automatic saving is also possible through payroll deduction. Most credit unions offer the ability to automatically put a set amount of money into your savings every time you are paid. If you never see it, you won't miss it. Automatic savings is a great way to build a savings habit that will last decades.**Rainy Day Fund**: Before putting aside money for the future, make sure you already have a rainy day fund to survive any financial crisis in the near future. The most important savings any family can build to protect their future is a rainy day fund. Having at least 6 months worth of savings to cover all expenses in the event of a life changing situation can relieve some financial stress during difficult times. Reaching a savings this high can take a while, so setup a realistic plan and begin saving on a regular basis.