401(k) Calculator

At minimum, contribute enough to get the full employer match — that's free money. The 2024 maximum is $23,000 ($30,500 if over 50). Financial advisors generally recommend saving 15% of gross income for retirement including employer match.

An employer match is when your company contributes additional money to your 401(k) based on your contribution. A common match is 50% of your contribution up to 6% of salary. So if you earn $80,000 and contribute 6% ($4,800), your employer adds $2,400.

Traditional: tax deduction now, pay taxes in retirement. Roth: pay taxes now, tax-free withdrawals in retirement. Choose Roth if you expect higher tax rates in retirement. Choose Traditional if you're in a high bracket now and expect lower rates later.