401(k) Calculator
Project your 401(k) balance at retirement — with employer match, annual contribution limits, and compound growth over time.
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How to use this calculator
- 1
Enter your annual salary and the percentage you contribute — up to the 2024 limit of $23,000 (or $30,500 if 50+).
- 2
Enter your employer match — most employers match 3–6% of salary.
- 3
Enter your current 401(k) balance — this gets compounded as well.
- 4
The monthly income estimate uses the 4% safe withdrawal rate — a common retirement planning rule of thumb.
Frequently asked questions
What is the 401(k) contribution limit for 2024?
Employee contributions are capped at $23,000 in 2024 (up from $22,500 in 2023). If you're 50 or older, you can make an additional catch-up contribution of $7,500, for a total of $30,500. The total limit including employer contributions is $69,000 ($76,500 with catch-up).
What is employer matching and why is it important?
Employer matching is free money — your employer contributes to your 401(k) based on what you contribute. Common structure: "50% match up to 6% of salary" means if you contribute 6%, your employer adds another 3%. Not contributing enough to get the full match is effectively leaving part of your compensation on the table.
Traditional vs Roth 401(k) — which should I choose?
Traditional 401(k): contributions are pre-tax (reduces current taxable income), withdrawals in retirement are taxed. Roth 401(k): contributions are after-tax, but all growth and withdrawals are tax-free. Choose Traditional if you expect a lower tax rate in retirement; choose Roth if you expect higher taxes in retirement or are early in your career.
What is the 4% withdrawal rule?
The 4% rule suggests you can withdraw 4% of your portfolio in the first year of retirement, then adjust for inflation each year, and your money will last 30+ years. With a $1 million balance, that's $40,000/year or $3,333/month. This is a guideline, not a guarantee — your actual spending, Social Security, and market conditions matter.
401(k) Calculator — Retirement balance with employer match
How employer matching works
A typical match is "100% up to 3%, then 50% on the next 2%" — meaning you must contribute 5% to get the full 4% employer match. Always contribute at least enough to get the full match. On a $70,000 salary, missing the full match can cost $2,800+ per year in free money, which compounds to $200,000+ over a career.
401(k) vs IRA — using both
You can (and should) use both. Contribute to your 401(k) at least up to the employer match. Then max out a Roth IRA ($7,000 in 2024 if income is under $146,000 single). Then go back and increase 401(k) contributions to the $23,000 limit. This diversifies your tax treatment in retirement.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →