401(k) calculator

A picture of a pair of glasses, a calculator and a pen all sitting on top of a stack of papers titled 401k

What should you keep in mind?

There are two types of 401(k) accounts: Traditional and Roth.

For Traditional 401(k) accounts, contributions are deducted from gross income or income BEFORE taxes. Employees are granted a tax deduction for that year and no taxes are paid on the contribution nor the earnings from the contributions until the retired employee withdraws it. There is, however, a 10 percent penalty fee for early withdrawals.

For Roth 401(k) accounts, contributions are taken from income AFTER income taxes are deducted, and there is no tax deduction for that year. There are no taxes to be paid when the retired employee withdraws it and only the earnings are penalized upon early withdrawals.

Calculate your 401(k) balance on retirement

Catch up amount is an option for those over 50, up to US$541 a month. Input what % of that you will contribute, leave blank if no catch up contributions will be made. If age is under 50 and a percentage is set, that contribution will be computed as if it had started at 50 years old.

Upon retirement, the amount in your 401(k) account will be: US$

Your Retirement Projection

Your projected retirement amount is: US$ .