401(k) Calculator
A 401(k) is a US employer-sponsored retirement savings plan with tax advantages. Contributions reduce your taxable income now (traditional) or grow tax-free (Roth 401k). Employer matching is essentially free money — always contribute at least enough to capture the full match.
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Tip: Always contribute enough to capture your full employer match before contributing to any other account. The match is an immediate 50–100% return on investment.
- 1Decide your contribution percentage (IRS 2024 limit: $23,000/year; $30,500 if 50+)
- 2Employer match adds extra money up to a limit (e.g. 50% of first 6%)
- 3Money grows tax-deferred until withdrawal at age 59½
- 4Apply compound growth over your working years
$70,000 salary, 6% contrib, 50% match on 6%, 30 years at 7%=~$630,000 projected$4,200/yr yours + $2,100/yr employer = $6,300/yr compounded
| Category | Annual Limit |
|---|---|
| Employee contribution (under 50) | $23,000 |
| Employee contribution (50+) | $30,500 |
| Employer + employee combined | $69,000 |
| Employer + employee (50+) | $76,500 |
| Required minimum distributions | Begin at age 73 |
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Fun Fact
The 401(k) was created accidentally in 1978 when a benefits consultant named Ted Benna noticed a tax code section (paragraph 401(k)) could be used to create employee savings plans. It now holds over $7 trillion in assets.
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