To access the free 401k Retirement Calculator, go here. Here is a snapshot of the calculator:
Notes from the 401k Calculator:
– Your payments or contributions are made at the END of the periods.
– The maximum 401k contributions per year that you are allowed to make are controlled by the IRS. For example, the maximum 401k contributions for the year 2006 are $15000. Go here to learn more about the maximum 401k contributions. The calculator is not functioned to determine whether you are over contributing money or not.
– The final numbers generated are rounded off and only approximations, and should only be used as a guide.
Sample Calculations:
– Current 401k Balance: $30,000
– Current Annual Income: $40,000
– Expected Annual Salary Increase: 3% (this means your salary or Gross Wage goes up by 3% each year)
– Percent of Salary Withheld for 401k: 5% (this is the annual percentage of your salary that goes towards making 401k contributions). You can change it from monthly, quarterly, semi-annually, annually, etc.
– Employer Match: 100% and 5% (this is the percentage amount that your employer contributes towards your 401k plan every year. Your employer will therefore contribute 100% of a maximum of 5% of your annual salary. You can change it from monthly, quarterly, semi-annually, annually, etc).
– Years to Fund: 8 years (this is the # of years you would like your 401k retirement savings to grow).
– Average Annual Interest Rate Earned: 5% (this is how much interest rate compounded annually that your contributions earn).
Press View Schedule
Fund 401(k) for 8 years
Annual Income of $ 40,000.00- increasing 3% per year
Beginning Balance= $ 30,000.00
Contribute 5% of Salary -Invested Annually
Your Employer will match 100% up to 5% of salary – Annually
Annual Interest Rate = 5% – Compounded Annually
| Year | Beginning Balance | You Contribute | Employer Contributes | Earnings | Ending Balance |
| 1 | $30,000 | $2000 | $2000 | $1500 | $35,500 |
| 2 | $35,500 | $2060 | $2060 | $1775 | $41,395 |
| 3 | $41,395 | $2,121.80 | $2,121.80 | $2,069.75 | $47,708.35 |
| 4 | $47,708.35 | $2,185.45 | $2,185.45 | $2,385.42 | $54,464.68 |
| 5 | $54,464.68 | $2,251.02 | $2,251.02 | $2,723.23 | $61,689.94 |
| 6 | $61,689.94 | $2,318.55 | $2,318.55 | $3,084.50 | $69,411.54 |
| 7 | $69,411.54 | $2,388.10 | $2,388.10 | $3,470.58 | $77,658.32 |
| 8 | $77,658.32 | $2,459.75 | $2,459.75 | $3,882.92 | $86,460.74 |
| Totals: | $17,784.67 | $17,784.67 | $20,891.39 |