Individual 401(k) Savings Calculator for Free
401(k) savings are very popular for its tax-deferred nature and the higher level of contribution eligibility. But, how worthy your 401(k) retirement savings could be after your retirement? Employ this calculator to answer this question. Furthermore, the graphical reports will tell you the complete story of 401(k) account balances by year, and the maximum amount you are eligible to contribute toward this savings account.
- Self-employment income
- Amount of dollar you earn from the self-employment. Avoid income from other sources.
- Annual contribution
- Total amount you are planning to contribute to the individual 401(k) savings account every year. ACalculator assumes that these contributions will occur at the starting of each year.
- Current age
- Your present age.
- Age of retirement
- The age when you will retire from work.
- Current Individual 401(k) balance
- Balance you have already contributed toward the individual 401(k) retirement savings account. This can also be the initial balance of the account.
- Annual rate of return
- Rate of return you are likely to receive from the individual 401(k) retirement savings account. This rate is compounded annually.
- Maximum annual contribution
- Highest amount of dollar you are permitted to put into the 401(k) retirement account. Your contribution toward Roth IRA or Traditional IRA is not subject to your maximum contribution calculation in 401(k). It is suggested that you should seek advice from a professional for your allowed level of annual contribution as this calculation changes every year.