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Savings Goal Calculator

How long will it take to reach my savings goal?

Use the Savings Goal calculator to find out how long it will take you to reach your savings goal1. Whether it is an arbitrary amount, a new purchase, a vacation, or an emergency fund, having an estimate for a savings goal in mind is a great way to start. Developing a savings goal can be an exciting but daunting task. TDECU is here to help you, our valued credit union Member, understand the best ways to save for small and large savings goals.

Want to know how contributing periodically would impact your savings goals? We have a calculator for that.

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Savings Goal Calculator Key Terms

  1. Your Federal Tax Rate
    Federal tax rates are a progressive tax system where incomes are taxed at different rates as income increases. The tax rate can be anywhere from 10% up to 37% for taxable income over $539,000 for individuals.
  2. Annual Rate Of Return
    A large portion of retirement funds is held in stocks. These figures estimate how much is expected in return annually from investments before retirement. The average rate of return for the S&P 500 averages 6.6%, while financial institutions like TDECU may pay up to 0.99% with no risk compared to a higher-risk stock market return.
  3. Your State Tax Rate
    Texas is one of nine states that do not have a state income tax. Other states have income taxes between 0.33 and 13.3%.
  4. Inflation Rate
    Inflation is the decline of purchasing power over time. $1 now is worth less than $1 in the future. Inflation may not have a significant impact in the short term, but inflation has a greater effect in longer periods such as between now and retirement age. Inflation can range anywhere from less than 0 up to a double-digit percentage while mostly hovering between 2% and 4%.

1Our financial calculators are provided as a free service to our Members. The information these calculators supply is from various sources based on calculations we believe to be reliable (but are not guaranteed, explicit, or implied) regarding their accuracy or applicability to your specific circumstances. All examples are hypothetical and illustrative and do not intend to provide investment advice. TDECU does not accept any liability for loss or damage whatsoever, which may be attributable to the reliance on and use of the calculators. Use of any calculator constitutes acceptance of the terms of this agreement. TDECU recommends finding a qualified professional for advice about your personal finance issues.