- Contributions are made at the end of the period.
- The maximum pre-tax amount that you are allowed to contribute to this plan is capped annually by the IRS. This calculator will not check to see if you are over-contributing! That is a function of your plan administrator. Please click this link for up to date limits and details.
- What will be the approximate value of your 401(k) in 10 years?
- The assumptions:
- You currently have $20,000 in your 401(k). Your annual salary is $50,000 and you hope to receive a 3% annual salary increase. You are contributing 6% of your salary to the plan (invested monthly in a mutual fund) and your employer will match your contribution 100% up to a maximum of 6% of your annual salary. They are matching that on an annual basis. The plan has been earning an average of 11% (compounded annually) per year, and you expect that to continue.
Press View Schedule You will have $ 171,725.44 in your 401(k) in 10 years (assuming all variables are met, of course).
- 20000 = Current 401(k) Balance
- 50000 = Current Annual Income
- 3 = Expected Annual Salary Increase
- 6 = Percent of Salary Withheld for 401(k) (Monthly box checked)
- 100 and 6 respectively = Employer Match (Annually box checked)
- 10 = Years to Fund 401(k)
- 11 = Average Annual Interest Rate Earned (Annually box checked)
*After you view the schedule and find out how much you'll save in your 401(k), use one of my Retirement Calculators to see if that alone will be enough.
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