401k Calculator
See your retirement balance — including free employer match money
How Employer Match Works
| Employer Match Formula | Your Salary | You Contribute | Employer Adds |
|---|---|---|---|
| 100% up to 3% of salary | $70,000 | 3% = $2,100 | $2,100 |
| 100% up to 6% of salary | $70,000 | 6% = $4,200 | $4,200 |
| 50% up to 6% of salary | $70,000 | 6% = $4,200 | $2,100 |
| 50% up to 8% of salary | $70,000 | 8% = $5,600 | $2,800 |
| No employer match | $70,000 | Any amount | $0 |
Never leave the match on the table. If your employer matches 100% up to 6%, contributing less than 6% means you're turning down part of your salary. That's an instant 100% return — no investment can beat it.
2024 401k Contribution Limits
| Limit Type | Under Age 50 | Age 50+ (Catch-Up) |
|---|---|---|
| Employee contribution | $23,000 | $30,500 |
| Catch-up contribution | N/A | +$7,500 |
| Total (employee + employer) | $69,000 | $76,500 |
| Income limit to contribute? | None — anyone with a 401k plan can contribute | |
| Deadline | December 31 (no extension unlike IRA) | |
| RMD starting age | Age 73 (SECURE 2.0 Act) | |
401k Balance Benchmarks by Age
| Age | Fidelity Target (× salary) | At $60K Salary | At $90K Salary |
|---|---|---|---|
| 30 | 1× salary | $60,000 | $90,000 |
| 40 | 3× salary | $180,000 | $270,000 |
| 50 | 6× salary | $360,000 | $540,000 |
| 60 | 8× salary | $480,000 | $720,000 |
| 67 | 10× salary | $600,000 | $900,000 |
Source: Fidelity Investments retirement guidelines. Based on retiring at 67 and spending 45% of pre-retirement income.
Traditional 401k vs Roth 401k
| Traditional 401k | Roth 401k | |
|---|---|---|
| Tax on contributions | Pre-tax (reduces income now) | After-tax (no deduction) |
| Tax on withdrawals | Taxed as ordinary income | ✅ Tax-free |
| RMDs required? | Yes, starting age 73 | Yes (but can roll to Roth IRA) |
| Best if you expect | Lower tax bracket in retirement | Higher tax bracket in retirement |
| Best for | Peak earners (40s–50s) | Young or early-career earners |
| Contribution limit 2024 | Same: $23,000 / $30,500 (50+) | |
| Employer match | Always goes into traditional side (pre-tax) | |
Starting Early vs Starting Late
| Start Age | Years to 65 | Your Contributions | Employer Match (3%) | Balance at 65 (7%) |
|---|---|---|---|---|
| 25 | 40 yrs | $168,000 | $84,000 | $1,403,000 |
| 30 | 35 yrs | $147,000 | $73,500 | $955,000 |
| 35 | 30 yrs | $126,000 | $63,000 | $633,000 |
| 40 | 25 yrs | $105,000 | $52,500 | $404,000 |
| 45 | 20 yrs | $84,000 | $42,000 | $245,000 |
| 50 | 15 yrs | $63,000 | $31,500 | $141,000 |
Assumes $70,000 salary, 6% employee contribution, 3% employer match, 7% annual return, 2% salary increase/year.
Frequently Asked Questions
How much should I contribute to my 401k?
At minimum, contribute enough to capture your full employer match — that's free money. After that, aim for 15% of income total (including the match). Max out at $23,000 if you can afford it. If cash is tight, start with 1% and increase by 1% each year.
What is the 401k limit for 2024?
$23,000 employee contribution limit ($30,500 if age 50 or older). The total combined limit (employee + employer) is $69,000. Unlike an IRA, there is no income limit on 401k contributions.
When can I withdraw from my 401k without penalty?
Age 59½ for penalty-free withdrawals. Before that, early withdrawals trigger a 10% penalty plus income tax. Exception: the "Rule of 55" lets you withdraw penalty-free at age 55 if you've left your employer in or after that year.
Should I choose Traditional or Roth 401k?
Choose Roth 401k if you're early in your career or expect higher taxes in retirement. Choose Traditional 401k if you're in your peak earning years and expect lower taxes at retirement. When in doubt, splitting contributions between both hedges your tax risk.
What happens to my 401k if I change jobs?
You have four options: (1) Roll it into your new employer's 401k. (2) Roll it into an IRA for more investment options. (3) Leave it with your old employer (if allowed). (4) Cash it out — but this triggers taxes and a 10% penalty, so it's rarely the best choice.
How is my 401k invested?
Most 401k plans offer mutual funds and target-date funds. A target-date fund (e.g., "Target 2055 Fund") automatically shifts from aggressive stocks to conservative bonds as you approach retirement — a simple, low-maintenance choice for most people.