401(k) Calculator
Plan your retirement with accurate 401(k) growth projections. Calculate the impact of employer matching, contribution limits, and investment returns on your retirement savings.
401(k) Details
Retirement Projection
Enter your 401(k) details to calculate retirement projections and see growth estimates.
How to Use the 401(k) Calculator
- Enter Your Ages: Input your current age and planned retirement age
- Add Salary Information: Enter current salary and expected annual increases
- Set Current Balance: Include any existing 401(k) savings you already have
- Configure Contributions: Set your contribution percentage and employer match details
- Set Investment Returns: Enter expected annual return rate and inflation rate
- Review Projections: See total balance, monthly income, and replacement ratio
401(k) Plan Basics
Key Benefits
2024 Contribution Limits
Employee Contributions
Total Contributions
Highly Compensated
401(k) Optimization Strategies
Maximize Your Returns
Common Mistakes to Avoid
Frequently Asked Questions
What percentage of my salary should I contribute to my 401(k)?
Financial experts typically recommend contributing 10-15% of your salary, including any employer match. At minimum, contribute enough to get your full employer match - it's free money with an immediate 100% return.
Can I contribute to both a 401(k) and an IRA?
Yes, you can contribute to both. For 2024, you can contribute up to $23,000 to a 401(k) and $7,000 to an IRA ($8,000 if 50+). However, IRA deductibility may be limited if you have a workplace plan and high income.
What happens to my 401(k) when I change jobs?
You have several options: leave it with your former employer, roll it over to your new employer's plan, roll it over to an IRA, or cash it out (not recommended due to taxes and penalties).
When can I withdraw money from my 401(k) without penalty?
Generally, you can withdraw without the 10% penalty starting at age 59½. Required minimum distributions (RMDs) begin at age 73. Earlier withdrawals may be subject to penalties, though some exceptions exist for hardships.
Should I choose traditional or Roth 401(k) contributions?
Traditional contributions reduce current taxes but are taxed in retirement. Roth contributions are made with after-tax dollars but grow tax-free. Choose Roth if you expect to be in a higher tax bracket in retirement, or traditional if you expect lower taxes.