401(k) Calculator
About This Calculator
This 401(k) Calculator helps you estimate your retirement savings by considering your salary, personal contributions, employer matching, and expected growth rate. It provides a visual representation of how your savings can grow over time.
To use the calculator, simply enter your annual salary, contribution percentages, expected growth rate, and years until retirement. The results will show your total contributions and projected value at retirement, along with a chart visualizing the growth of your 401(k) over the years.
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Frequently Asked Questions (FAQs)
- What is a 401(k) plan? A 401(k) plan is a retirement savings plan sponsored by an employer that allows employees to save and invest a portion of their paycheck before taxes are taken out.
- How much should I contribute to my 401(k)? It's generally recommended to contribute at least enough to get any employer match, if available. Many financial advisors suggest aiming for 15% of your salary, including any employer contributions.
- What are the tax benefits of a 401(k)? Contributions to a traditional 401(k) are made pre-tax, reducing your taxable income. Taxes are paid upon withdrawal in retirement. Roth 401(k) contributions are made after-tax, allowing for tax-free withdrawals in retirement.
For more information on retirement planning, check out our Retirement Planning Guide.