In the article Creating Targeted Savings we saw the benefits of saving towards specific targets. The corresponding calculator is here.

It helps answer the question "How much should I start contributing every year to achieve the target amount in X years?" For a given target amount and number of years, the calculator lists possible scenarios with different principal and "rate of return" (interest rate) combinations.

Disclaimer

This is a simple calculator to give a ballpark figure. It does not take into account different contribution or compounding frequencies (we simply use annual contribution and compounding) nor consider taxes.

Use this calculator to quickly estimate how much you need to contribute every year for a specific target.