For my kiddos' 529 plans, I contribute a set amount each month. On a yearly basis, that monthly amount increases by a set amount. I'm having a hard time finding a calculator (or writing up an excel formula) that will help me estimate a general amount I'll have saved up in ~15 years or so. I also have an end goal in amount of money I wish to have saved up for each child for college.
Here's an example of what I'm trying to figure out:
Conservatively estimating a 5-6% rate of return.
First year, I contribute $100 a month
Second year: $200 a month
Third year: $300 a month
And so on and so forth. Eventually I'd assume that monthly amount would cap out so I don't save too much.
For the life of me I can't find a good calculator for such a thing where I have an end amount in mind, and a set yearly interval where I increase the amount contributed. Almost everything I find only assumes an x% increase in contributions, which isn't really relevant here.
Any help here is appreciated for sure!