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Saving for college? You may have more time than you think! from the Reading Room

With this one calculator, you can answer for yourself questions such as:

- What will my savings grow to after "X" years?
- How much should I save each month?
- What is the interest rate?
- How long will it take to reach my goal?

There are other questions you can ask yourself and this Savings Calculator will answer them for you.

If you have already started to save toward a goal, enter the amount you have saved in "Savings on Hand". Otherwise leave this set to zero.

This calculator will calculate any one of four variables: "Annual Interest Rate or ROI", "Number of Periods to Save", "Periodic Savings Amount" and "Goal Amount". Enter zero for the one unknown.

Example, if you want $100,000 after 15 years and you can afford to save $5,000 a year, what interest rate do you have to earn on your savings? Since we are going to solve for the return on investment, enter "0" for the "Annual Interest Rate". Let's assume we'll make an annual contribution to our savings plan once a year. Therefore, enter "15" for the "Number of Periods" Also set the "Savings Frequency" and "Compounding Frequency" to "Annually". Enter "5,000" for the "Periodic Savings Amount" as the amount saved each year. Enter "100,000" as the "Goal Amount"

Click "Calc" and the result should be "3.5%".

So, in order to reach your goal of $100,000 after 15 years, you'll need to earn 3.5% on your annual deposits. In a similar way, you can also calculate how much you have to save periodically or what amount you'll have after saving a specified amount. Finally, you can also calculate how long it will take to reach a goal. Simply enter a "0" for the unknown and enter the other values.

Please tell me how you use this calculator. Are you using it personally or professionally? What feature is important to you? If it didn't meet your needs, why? Your feedback will help me make improvements. Complete sentences aren't necessary! :)

Personally, trying to figure out savings necessary if I want to retire before 401k distribution age.

You may also find the Withdrawal Savings calculator useful.