How long could it take to double your money?

Math is hard. It can get even more challenging when you’re planning for retirement. But there’s a shortcut that may help make filling out the numbers in your retirement strategy a little easier. It’s called the Rule of 72.

The Rule of 72 is a formula that tells you approximately how long it will take you to double your money in a savings or investment vehicle given a defined rate of return.

Here it is:

For example, if an investment promises an 8% annual compounded rate of return, it will take approximately nine years (72/8) to double the invested money.

This chart is for illustrative purposes only and does not represent the performance of any specific investment or take into account withdrawals, contract charges, fees or taxes. The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment, tax or legal advice.