401(k) Calculator – Plan Your Retirement | Homtide

Homtide's 401(k) Calculator is an easy-to-use tool that estimates how much you can save for retirement. By factoring in your current balance, contribution amount, investment returns, and time, you’ll get a better idea of your future retirement savings.

401(k) Retirement Calculator

Plan your financial future and see how your 401(k) can grow over time!

Current Age:

Retirement Age:

Annual Income:

Contribution Rate (%):

Employer Match (%):

Existing 401(k) Balance:

Expected Annual Return (%):

Annual Salary Increase (%):

Projected 401(k) Balance at Retirement

Final Balance: $1158404.49

Your Total Contributions: $151155.20

Employer Contributions: $151155.20

Understanding Your 401(k) and How This Calculator Helps

Planning for retirement is essential, and your 401(k) can play a major role in ensuring you have enough to retire comfortably.

What is a 401(k)?

A 401(k) is a retirement savings plan sponsored by your employer, allowing you to contribute a portion of your income on a tax-deferred basis. Contributions to your 401(k) are made before taxes, which reduces your taxable income for the year, and your money grows tax-deferred until you withdraw it in retirement.

Why Should I Contribute to My 401(k)?

Contributing to your 401(k) helps you build a nest egg for your future. The earlier you start saving, the more you can benefit from compound interest. Many employers also offer matching contributions, which is essentially free money for your retirement. The goal is to save at least enough to get the full match.

Common Questions About 401(k)

How much should I contribute? It's recommended to contribute at least enough to get your employer's match. A good rule of thumb is to aim for 15% of your salary, but this can vary depending on your financial situation.
What is the employer match? This is the amount your employer contributes to your 401(k) based on your own contributions. For example, if they match 100% of your contributions up to 5%, they will match every dollar you contribute up to 5% of your salary.
What is the contribution limit? As of 2024, the IRS allows individuals to contribute up to $22,500 per year to their 401(k). If you're 50 or older, you can make an additional catch-up contribution of $7,500.
What are the tax advantages? Your contributions are made with pre-tax dollars, lowering your taxable income for the year. Additionally, your investments grow tax-deferred, meaning you won’t pay taxes on them until retirement, when you may be in a lower tax bracket.

How This 401(k) Calculator Helps You Plan

This calculator helps you estimate how much your 401(k) could grow over time. By entering your current age, retirement age, contribution rate, salary, employer match, and expected return rate, you can visualize your projected 401(k) balance at retirement. It also provides insights into how much you and your employer will contribute over time and how these contributions can compound.

With this tool, you can make adjustments to your inputs (like salary increases, contribution rates, and return assumptions) to see how small changes can have a big impact on your retirement savings.