With {{ user.currentSavings | currencyShort }} currently saved and a {{ user.rateOfReturn }}% rate of return, you must save per month to meet your savings goal of {{ savingsTarget() | currencyShort }}. The table below lists the additional and total monthly contributions needed for each year savings is delayed for the next five years.
Years Delayed The amount of years savings is delayed | Additional Monthly Contribution The additional amount you’ll need to save each month if you delay your savings by the years delayed | Total Monthly Contribution The total amount you’ll need to save each month if you delay your savings by the years delayed |
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The chart below shows the additional amount you will need to save each year if you delay the start of your savings program. For example, hover over year 1. If you wait three years to begin saving, you will have to increase your monthly contribution by {{ (user.monthlyContributions[1] - user.monthlyContributions[0]) | currencyShort }} to reach the same end savings amount as if you began saving today.
The information above assumes a savings goal that is {{ user.percentOfCollegeCost }}% of the total cost of college. Below is analysis of how choosing savings goals at different percentages of college cost affects the monthly contribution needed to meet the goal, and how much more it increases every year that savings is delayed.
Monthly Contribution | ||||
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Years Delayed | 100% of Cost | 75% of Cost | 50% of Cost | 25% of Cost |