- Current age
- Your age during the year you are doing this calculation.
- Age of retirement
- Your age of retirement.
- Current tax rate
- Marginal tax rate currently charged on all your taxable earnings. Though you must consult with your tax advisor, you should primarily visit http://www.irs.gov for up to date tax classification table.
- Retirement tax rate
- The marginal rate of Federal Income Tax you are supposed to pay on withdrawal after you retire.
- Hypothetical rate of return
- An assumption of what could be the rate of return for the 401(k) account. For a better calculation, the calculator will presume that your deposits will take place at the beginning of all the periods.
- Current income
- Size of your current income earned annually.
- Annual contribution
- Amount of dollar you are expecting to contribute yearly to your 401(k) retirement account. ACalculator assumes that these contributions are the sum of 12 monthly equal deposits which were put in to the account at the beginning of every month.
- Current contribution type
- Choose the type of contribution you are currently making.
- Pay frequency
- How often you receive paychecks.