401(K) Contribution Calculator
Estimates retirement savings growth from employee and employer 401(k) contributions
Gross annual salary before deductions
Percentage of salary contributed to 401(k). 2024 limit: $23,000/year.
Percentage of your contribution that the employer matches
Maximum salary percentage the employer will match
Average annual investment return rate
Number of years until you plan to retire
Enter salary and contribution percentage to calculate
Employer matching contribution based on your contribution
Combined employee and employer annual contributions
Enter all fields to see projected retirement balance
Frequently Asked Questions
What is the 401(k) contribution limit?
For 2024, the employee contribution limit is $23,000. If you are age 50 or older, you can make an additional catch-up contribution of $7,500, bringing the total to $30,500. The combined employee and employer limit is $69,000 ($76,500 with catch-up).
How does employer 401(k) matching work?
A common employer match is 50% of your contributions up to 6% of salary. If you earn $100,000 and contribute 6% ($6,000), your employer contributes $3,000. You should always contribute at least enough to get the full employer match since it is free money.
Should I contribute to a traditional or Roth 401(k)?
Traditional 401(k) contributions reduce your taxable income now but are taxed on withdrawal. Roth 401(k) contributions are made after-tax but grow and are withdrawn tax-free. Choose Roth if you expect higher taxes in retirement, traditional if you expect lower.
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