401(k) Retirement Calculator
Project your 401(k) balance at retirement — including your employer match, annual salary growth, and 2024 IRS contribution limits. See exactly how much the employer match adds to your nest egg.
Growth over time
Year-by-year breakdown
| Age | Your $ | Employer $ | Growth | Balance |
|---|
The employer match: don't leave money on the table
The employer match is the closest thing to free money most people will ever get. If your employer matches 100% of the first 4% of salary you contribute, that's an instant 100% return on those contributions — before a single dollar is invested. Miss the match and you're voluntarily taking a pay cut.
The most common match formulas:
- Flat percentage match: e.g. 100% match up to 4% of salary. Contribute 4%, get 4% for free.
- Tiered match: e.g. 100% on the first 3%, then 50% on the next 2%. Contribute 5%, get 4% for free.
- Discretionary/profit-sharing: Employer decides each year — some years generous, some years zero.
2024 IRS 401(k) contribution limits
The IRS sets an annual cap on how much you can put into your own 401(k):
- Under 50: $23,000/year
- 50 or older: $30,500/year ($23,000 base + $7,500 catch-up)
- Combined (you + employer): $69,000/year, or $76,500 with catch-up
Turn on the IRS limit checkbox to model contributions realistically. If your salary × contribution % exceeds the annual limit, only the allowed amount goes into the account each year.
Traditional vs Roth 401(k)
Most modern 401(k) plans let you split contributions between Traditional (pre-tax) and Roth (after-tax). Traditional reduces your tax bill today but you pay ordinary income tax on withdrawals. Roth doesn't help today but every dollar of growth is tax-free at retirement.
Rule of thumb: if you expect your tax rate in retirement to be lower than today, use Traditional. If you expect it to be the same or higher (or you're early in your career), Roth is usually the better long-term bet. Read our full Roth vs Traditional guide.
Frequently asked questions
How much should I contribute to my 401(k)?
At minimum, contribute enough to get your full employer match — anything less is leaving free money on the table. Most experts suggest aiming for 15% of your salary total (employee + employer combined) as a solid retirement savings rate. The 2024 IRS limit is $23,000/year for employee contributions ($30,500 if you're 50 or older with catch-up).
How does the employer match work?
A common formula is '100% match on the first 3%, then 50% on the next 2%' — meaning if you contribute 5% of salary, your employer adds 4% (3% + half of 2%). Some employers do a flat percentage match (e.g. 100% up to 6%). This calculator lets you enter both the match rate and the salary percentage cap.
What are the 2024 401(k) contribution limits?
The 2024 employee contribution limit is $23,000. If you're 50 or older, you can add $7,500 in catch-up contributions for a total of $30,500. The combined employee + employer limit is $69,000 ($76,500 with catch-up). This calculator caps your contribution at the employee limit automatically.
Traditional 401(k) or Roth 401(k)?
Traditional contributions reduce your taxable income today; withdrawals in retirement are taxed as ordinary income. Roth contributions are made with after-tax money; qualified withdrawals in retirement are tax-free. If you expect to be in a lower tax bracket in retirement, Traditional wins. If you expect the same or higher bracket, Roth wins. Many people split contributions between the two.
What return rate should I assume?
The S&P 500's long-term average is roughly 10% nominal (before inflation). Many planners use 7% to bake in inflation, and 5–6% for a more conservative or balanced portfolio. Your actual return depends on your fund choices and market conditions — this is a projection, not a promise.
What if I get raises over time?
Since you contribute a percentage of salary, raises automatically increase your dollar contributions. This calculator lets you enter an annual salary growth rate. A 3% annual raise (roughly matching inflation) is a reasonable default; adjust up if you expect strong career growth.
This calculator provides projections for educational purposes only. It assumes constant rates of return, salary growth, and contribution percentages. Actual outcomes depend on market performance, fees, tax rules, and life changes. IRS limits are for 2024 and change annually. Consult a qualified financial advisor for personalised planning.