401k Calculator: Estimate Your Future Balance
401(k) Balance at Retirement
How to use this 401(k) calculator
Based on your current age, income, current 401(k) balance and current contributions, the calculator will estimate how much you’ll have in your 401(k) by retirement.
You can adjust your contribution amount, as well as employer contributions, your planned retirement age and your expected rate of return.
The employer match field refers to the percentage of your contribution that your employer matches. The limit on matching contributions is the maximum percentage of your salary matched. For example, many employers match 50% of your contributions, up to 6% of your salary.
Your 401(k) balance at retirement is based on the factors you plug in to the calculator – your total planned annual contribution, your current age and retirement age and the rate of return. The 401(k) calculator assumes 2% annual income growth. There is no inflation assumption.
The 401(k) calculator displays two results: A projected retirement need and how much your 401(k) will contribute in income each month based on your current savings rate.
Key 401(k) definitions
401(k): A tax-advantaged investing account that aims to help employees save for retirement. Employees contribute a portion of their paycheck to the account, and sometimes receive an employer match.
Age: Your current age.
Contribution: This refers to the money put into your 401(k) plan. The IRS sets a limit on how much can be put into a 401(k) plan every year, also known as an annual contribution limit.
Catch-up contribution: Individuals 50 and older are allowed by the IRS to add an extra amount into their retirement plans every year.
Current account balance: The amount currently in your 401(k) plan.
Employer match: This refers to the amount your employer puts in your 401(k) in addition to your contribution. It can range from 0% to 100%, and typically depends on how much you contribute.
401(k) fees: These are charged by 401(k) plan administrators for covering administrative costs, plan management, and more. Fees will reduce your expected rate of return.
Income: The amount of money earned this year from your employer. For the purposes of this calculator, do not include other income sources to best calculate your 401(k) plan balance by retirement.
Retirement age: The age you retire. Full Social Security benefits begin at age 66 for those born between 1943 and 1954, but the full retirement age rises to 67 for people born in 1960 and later. Early retirement benefits are available at 62, but at a lower monthly amount.
Return: The money you earn or lose from an investment.
Rate of return: The average annual return expected from your 401(k) investments every year. The calculator defaults to 6%, but this can be adjusted.
Additional calculators and retirement resources
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