401(k) Savings Calculator
Calculate your retirement savings with employer matching. See how compound growth and employer contributions can build your retirement nest egg.
401(k) Savings Calculator
Calculate your retirement savings with employer matching
Formula
FV = PV(1+r)^n + PMT × ((1+r)^n - 1) / rHow to Use This Calculator
- 1
Enter your current age
Input your current age to calculate years until retirement.
- 2
Set retirement age
Choose when you plan to retire (typically 65).
- 3
Enter current balance
Input your current 401(k) balance.
- 4
Set annual contribution
Enter how much you contribute annually (max $23,000 for 2024).
- 5
Add employer match details
Enter your employer match percentage and limit.
- 6
View projections
See your projected retirement balance and breakdown.
Frequently Asked Questions
What is a 401(k)?
A 401(k) is an employer-sponsored retirement savings plan that allows employees to save and invest a portion of their paycheck before taxes are taken out.
What is employer matching?
Employer matching is when your employer contributes to your 401(k) based on your contributions. For example, a 50% match up to 6% means if you contribute 6% of your salary, your employer adds 3%.
What is the 401(k) contribution limit?
For 2024, the contribution limit is $23,000 for those under 50, and $30,500 for those 50 and older (includes $7,500 catch-up contribution).
Should I max out my 401(k)?
At minimum, contribute enough to get the full employer match - it's free money. Beyond that, consider your other financial goals and tax situation.