How Long Will It Take You to Reach $1 Million?

Years and age until $1 million, with milestones on the way.

PrivateFreeSourcedReviewed Sep 29, 2026

Time to reach $1,000,000

36.4 years

36 years, 5 months · you'd be 66 · at $500/mo and 7% a year

You invest: $218,500
Growth adds: $784,530
5 yrs sooner: $733/mo

You'd put in $218,500; compounding supplies the other $784,530 — 78% of your $1M. The first $100K takes 11.1 yrs; the last $500K takes only 8.8 yrs.

Try a what-if

Your road to $1MWhat you put in (slate) vs what compounding adds (ember), with milestones along the way.

$100KAge 4111.1 yrs
$250KAge 4919.6 yrs
$500KAge 5727.6 yrs
$1MAge 6636.4 yrs

Your numbers

Invested today

Monthly investment

$500 / month

Average annual return

7% is a common long-run planning figure for a diversified portfolio; the S&P 500 has averaged about 10% before inflation.

7.00% a year, compounded monthly

Your age (optional)

Leave blank to skip the age.

Target

Want the year-by-year table? Run the same numbers in the compound interest calculator, or see what $1 million buys in retirement with the FIRE calculator.

Next steps

Investing $500 a month at a 7% average annual return takes about 36.4 years to reach $1 million — you'd put in $218,500 and compound growth would add the other $784,530. Start at 30 and you'd be a millionaire around age 66. This calculator shows how long it takes you, from your own starting balance, monthly investment and expected return, along with your age when you get there and each milestone along the way: $100,000, $250,000, $500,000 and $1 million. It also solves for the monthly amount that would get you there five years sooner, and lets you set a different target such as $2 million. Growth is compounded monthly, the same convention as our compound interest calculator.

How this calculator works

Enter what you have invested today (use $0 if you're starting from scratch).
Enter how much you'll invest each month.
Set an average annual return. 7% is a common long-run planning figure for a diversified portfolio; lower it for more bonds or higher fees.
Add your age to see how old you'll be at each milestone, or leave it blank.
Read the years to $1 million, the split between what you invest and what growth adds, and the monthly amount that gets you there five years sooner.

balance(m) = balance(m − 1) × (1 + r/12) + PMT
months to target: smallest n where P(1 + i)^n + PMT × ((1 + i)^n − 1) ÷ i ≥ target
PMT needed = (target − P(1 + i)^n) × i ÷ ((1 + i)^n − 1),  i = r ÷ 12

The calculator adds your monthly investment at the end of each month and compounds the balance at the annual return divided by 12, stopping the month the balance first reaches the target. The 'five years sooner' figure solves the future-value formula for the monthly payment that reaches the same target 60 months earlier.

P: Amount invested today
PMT: Monthly investment
r: Average annual return
n: Months until the target

Frequently asked questions

How long does it take to become a millionaire investing $500 a month?

Starting from zero, investing $500 a month at a 7% average annual return (compounded monthly) reaches $1 million in about 36.4 years — 437 months. You contribute $218,500 and compound growth supplies the other $784,530. Start at 30 and you'd cross $1 million around age 66. At a 10% return it takes about 28.9 years.

How much do I need to invest per month to become a millionaire?

At a 7% average annual return, starting from zero, you need about $820 a month to reach $1 million in 30 years, $1,234 a month in 25 years, and $1,920 a month in 20 years. Every five years you wait raises the monthly amount sharply, because the money has less time to compound.

Why does the second half of the first million come faster?

Because growth compounds on a bigger balance. At $500 a month and 7%, the first $100,000 takes about 11 years, while the climb from $500,000 to $1 million takes about 8.8 years — even though it's five times the amount. Late in the journey, returns contribute far more each year than your deposits do.

How can I reach $1 million faster?

Raise the monthly amount, start earlier, and keep costs low. At 7%, going from $500 to $1,000 a month cuts the time from 36.4 to 27.6 years, and $2,000 a month gets there in 19.6 years. Return matters too: at $500 a month, earning 8% instead of 7% — for example through lower fees — saves about three years.

Is $1 million enough to retire?

It depends on your spending. Under the 4% rule, $1 million supports about $40,000 a year of inflation-adjusted withdrawals, plus any Social Security or pension. Remember that $1 million reached 36 years from now won't buy what it does today: at 3% inflation it's worth roughly $341,000 in today's dollars.

Sources used in this calculator

NYU Stern (Damodaran) — S&P 500 Annual Returns 1928–2025S&P 500: 10% (as of 2026 (1928–2025 dataset))(opens in a new tab)

Reviewed by the Money Scale editorial team. How we source our data

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