401k Calculator
Estimate your retirement savings growth with this comprehensive 401k calculator. Includes employer matching, salary increases, inflation adjustments, early withdrawal penalty calculator, and employer match optimizer.
1- Basic 401k Calculator
2- 401k Early Withdrawal Costs Calculator
3- Maximize Employer 401k Match Calculator
1- Basic 401k Projections
Summary
At retirement age (65):
$0
Total contributions: $0
Employer contributions: $0
Total interest earned: $0
| Year | Age | Salary | Your Contribution | Employer Contribution | Balance |
|---|
2- Early Withdrawal Costs
Summary
Withdrawal amount: $0
Total taxes and penalties: $0
Amount you receive: $0
| Cost Type | Amount |
|---|---|
| Federal Income Tax | $0 |
| State Income Tax | $0 |
| Local Income Tax | $0 |
| Early Withdrawal Penalty | $0 |
3- Maximize Employer Match
Optimal Contribution Strategy
To maximize your employer match:
Contribute at least 0% of your salary
This will result in employer contributions of $0 per year
| Contribution Level | Your Contribution | Employer Match 1 | Employer Match 2 | Total Match |
|---|
About 401k Calculator
A 401(k) is a retirement savings plan sponsored by an employer. It lets workers save and invest a piece of their paycheck before taxes are taken out. Taxes aren't paid until the money is withdrawn from the account. This calculator helps you estimate how much your 401(k) account could grow over time based on your contributions, employer matching, expected returns, and other factors.
How 401k Contributions Work
With a 401(k):
- You elect to have a percentage of your paycheck contributed to your 401(k) account
- Many employers match a portion of your contributions (free money!)
- Contributions are typically made pre-tax, reducing your taxable income
- Investments grow tax-deferred until withdrawal in retirement
- Early withdrawals (before age 59½) may be subject to penalties
Why Employer Matching Matters
Employer matching is essentially free money added to your retirement savings. Common matching formulas include:
- 50% match up to 6% of salary (you contribute 6%, they add 3%)
- 100% match up to 3% of salary, then 50% on next 2% (you contribute 5%, they add 4%)
- Always contribute enough to get the full employer match - it's an immediate return on your investment
Early Withdrawal Penalties
Withdrawing from your 401(k) before age 59½ typically results in:
- 10% early withdrawal penalty (unless you qualify for an exception)
- Income taxes on the withdrawn amount
- Possible state and local taxes
- Lost potential growth on the withdrawn amount
Exceptions to the penalty include disability, certain medical expenses, first-time home purchase, and substantially equal periodic payments.