How much should I contribute to my 401(k)?

At minimum, contribute enough to capture the full employer match — it is 50-100% instant return. Beyond that, target 15% of gross income including employer match.

What is the 2024 401(k) contribution limit?

For 2024: $23,000 employee limit ($30,500 if age 50+ with catch-up contribution). Employer contributions can bring the total to $69,000 ($76,500 with catch-up).

How does tax deferral affect growth?

Tax deferral means you invest pre-tax dollars and pay taxes at withdrawal. A $1,000 contribution in the 22% bracket is effectively $780 after-tax cost, but the full $1,000 grows.

401(k) Growth Projection Calculator

Project 401(k) balance at retirement given current balance, annual contribution, employer match, and expected return. Includes tax-deferred compounding effect.

Principal ($)

Annual Rate (%)

Years

Compounding / Year

$ Finance Disclaimer: These calculators are for educational and illustrative purposes only. Results do not constitute financial advice. Consult a licensed financial advisor before making investment or borrowing decisions.

How to Use

Enter the values for the scenario you are assessing. Project 401(k) balance at retirement given current balance, annual contribution, employer match, and expected return. Includes tax-deferred compounding effect. Use the 401(k) growth result to inform your calculation.

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401(k) Growth Projection Calculator

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Frequently Asked Questions

How much should I contribute to my 401(k)?

What is the 2024 401(k) contribution limit?

How does tax deferral affect growth?