Nov 19 CNN Calculators

Found this calculator on CNN's website, called When will I be a millionaire?

Very simply, you enter your current savings, followed by a monthly contribution.   If you then slide in the interest rate of return (between 0% and 10%),  the calculator tells you in what year you would have one million dollars.   Here's the link for you to play with.

http://money.cnn.com/calculator/pf/millionaire/index.html?savings=50000&contribution=500

Using $35000, the starting amount of our model portfolio, if we make a $500 per month contribution, and our money makes 10%, one would be a millionaire in 2039 or 25 years from now.  Unfortunately the return slider doesn't go past 10%.  It'd be nice if it went to 20%.

Also on the CNN website is their retirement calculator, Will you have enough to retire?

This one is quite telling.  You input what age you are now and when you want to retire.  Enter what savings you currently have and your present income, and how much you are able to save.  The calculator tells you how much you will have at retirement time, but more importantly, what you will need.

http://money.cnn.com/calculator/retirement/retirement-need/