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What will it take to reach your savings goal? This financial calculator helps you find out. Enter in your savings plan and view graphically your financial results. Click the report button to get more information about your plan, and what you can do to make sure that it is on track.
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Definitions
- Years to save
- The number of years you have to save.
- Savings goal
- The amount you wish to have in savings at the end of this savings plan.
- Amount currently saved
- Total you currently have saved toward this savings goal.
- Savings per period
- The amount you will contribute to your investments.
- Expected Rate of Return
- Annual rate of return on your savings. The actual rate of return is largely dependant on the type of investments you select. For example, for the last thirty years the average annual rate of return for the TSX is about 11%. Savings accounts at a bank or credit union can pay as little as 2% or less. It is important to remember that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment.
- Expected Inflation Rate
- What you expect for the average long-term inflation rate.
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