Retirement Savings of $1,000 a Month

Starting to save at 30 leaves 35 years until 65. Use this page to see what $1,000 a month could become over that time.

You would make 420 deposits. By 65 the account reaches $1,424,710 and growth supplies 71 percent of it.

Age you start saving

years

Age you retire

years

Amount already saved

Saved each month

Return per year

Balance at retirement: $1,424,710
Total you put in: $420,000
Growth: $1,004,710
Years of saving: 35

Year by year

Year	Total put in	Balance
31	$12,000	$12,336
32	$24,000	$25,432
33	$36,000	$39,336
34	$48,000	$54,098
35	$60,000	$69,770
36	$72,000	$86,409
37	$84,000	$104,074
38	$96,000	$122,829
39	$108,000	$142,740
40	$120,000	$163,879
41	$132,000	$186,323
42	$144,000	$210,150
43	$156,000	$235,447
44	$168,000	$262,305
45	$180,000	$290,819
46	$192,000	$321,091
47	$204,000	$353,231
48	$216,000	$387,353
49	$228,000	$423,580
50	$240,000	$462,041
51	$252,000	$502,874
52	$264,000	$546,226
53	$276,000	$592,251
54	$288,000	$641,116
55	$300,000	$692,994
56	$312,000	$748,072
57	$324,000	$806,547
58	$336,000	$868,628
59	$348,000	$934,539
60	$360,000	$1,004,515
61	$372,000	$1,078,807
62	$384,000	$1,157,681
63	$396,000	$1,241,420
64	$408,000	$1,330,323
65	$420,000	$1,424,710

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How the balance is worked out

There is a direct way to work out growth with regular deposits. The starting balance grows by one plus the monthly rate raised to the power of 420. The deposits of $1,000 add up to the deposit times that growth factor minus one, divided by the monthly rate. Add the two parts to get the final balance. The monthly rate here is 0.5 percent.

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Worked example

Picture saving $1,000 a month for the 35 years between age 30 and 65. At a steady 6 percent that adds up to $1,424,710.

Each dollar you deposit becomes about 3.39 dollars by 65. For $1,000 a month that turns $420,000 into $1,424,710.

Questions about this calculator

What if you saved double, $2,000 a month, from age 30 to 65 at 6 percent?

The balance at 65 would be about $2,849,421 instead of $1,424,710. That is 2 times as much.

What if returns averaged 4.5 percent instead of 6 percent for $1,000 a month from age 30 to 65?

The $1,000 a month would reach $1,017,742 by age 65. That is $406,968 less than the $1,424,710 shown at 6 percent.

What is $1,424,710 worth after 35 years of inflation?

At 2.5 percent a year prices rise by a factor of 2.37. The $1,424,710 would then buy about as much as $600,332 does at the start.

What if you retired 3 years earlier, at 62, when saving $1,000 a month from age 30 to 65 at 6 percent?

The balance would be $1,157,681 instead of $1,424,710. That is $267,029 less.

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This page is for education only and is not financial or tax advice.