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How long to save $1 million?

$1 million is the milestone most people think of as "rich." How long it actually takes depends almost entirely on two things: how much you save each month, and what return you earn on it. Find out yours below.

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The power of investment returns

The difference between saving in cash versus investing is staggering at the $1 million level. Saving $1,000/month in a bank account with 0% interest takes 83 years. The same $1,000/month invested at 7% annual returns takes just 29 years.

This is why the FIRE movement emphasises investing — not just saving. Every month your money sits uninvested is a month of compounding lost permanently.

Reference table

Monthly savings 0% return 5% return 7% return 10% return

Frequently asked questions

Is $1 million enough to retire?
Using the 4% rule, $1 million supports $40,000/year in withdrawals indefinitely. Whether that's enough depends on your lifestyle and location. In low cost-of-living areas or countries, $40,000/year is comfortable. In expensive cities like New York, London, or Sydney, it's a modest income. Many early retirees target $1.5–2M for more flexibility.
What's the fastest way to save $1 million?
The three fastest paths: (1) High income + high savings rate — a $200,000 salary saving 50% reaches $1M in ~7 years at 7% returns. (2) Reduce expenses dramatically to increase savings rate. (3) Start early — starting at 22 vs 32 can cut the timeline by a decade. There's no shortcut that beats time × compound returns.
Should I save in my local currency or USD?
For most people, the answer is both. Invest in your local currency through tax-advantaged accounts (ISA, TFSA, NISA etc.) and also maintain some USD or EUR exposure through global index funds. Currency diversification protects against local currency weakness — particularly important for investors in emerging market currencies.

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