How Much to Save Each Month to Reach $1 Million
To reach $1 million in 30 years at a 7% return, you need to save about $820 a month. With 20 years it climbs to $1,920; with 40 years it falls to just $381. The more time you give it, the less each dollar has to do.
We computed the monthly contribution required to reach $1M from $0, by years remaining and return.
Monthly savings to reach $1 million
Starting from zero. If you already have savings, you'll need less than these figures.
| Years to save | 5% return | 7% return | 9% return |
|---|---|---|---|
| 10 years | $6,440 | $5,778 | $5,168 |
| 15 years | $3,741 | $3,155 | $2,643 |
| 20 years | $2,433 | $1,920 | $1,497 |
| 25 years | $1,679 | $1,234 | $892 |
| 30 years | $1,202 | $820 | $546 |
| 35 years | $880 | $555 | $340 |
| 40 years | $655 | $381 | $214 |
Time is the biggest lever
Notice how the required monthly amount roughly halves every time you add a decade — far more powerful than chasing a higher return. You control your time horizon and contribution far more reliably than market returns, so the winning move is to start early and automate it. Set a target with the savings goal calculator.
How we calculated this
Required monthly contribution = FV × r ÷ ((1 + r)^n − 1), with FV = $1,000,000, r = the monthly return, and n = months. It assumes you start from $0 and contribute a constant amount; any existing balance reduces what you need.
How much do I need to save to become a millionaire?
About $820 a month for 30 years at a 7% return. Over 20 years it takes roughly $1,920 a month, and over 40 years just $381 — the earlier you start, the less you need each month.
Can I save $1 million in 20 years?
Yes — roughly $1,920 a month at a 7% return, or $2,433 at 5%. A higher return lowers the figure, but your contribution and time horizon matter more.
What return should I use?
A 7% nominal return is a common long-run stock planning assumption. The table shows 5%, 7% and 9% so you can pick a conservative or optimistic case.
What if I already have savings?
You'll need less than these figures, since they assume starting from zero. Subtract the future value of your current balance from $1,000,000 and aim for the difference.