Calculate how your savings can grow

A steady savings plan can produce dramatic results. If you put aside $100 a month starting at age 20 and keep at it, you'll accumulate more than $114,000 by the time you're 65. That assumes a 3 percent interest rate. If you sock away $250 a month and rates go up to 5 percent, you'll end up with more than $500,000. Plug your own numbers into this calculator.

These calculations are for example purposes only. They do not take into account other factors, such as inflation, taxes and fluctuating interest rates.

Source: Patrick Schneider, The Motley Fool,
Credit: Alyson Hurt / NPR