401(k) Contribution Calculator
Calculate 401(k) contributions, employer match, and tax savings
About this calculator
The 401(k) Contribution Calculator helps you optimize your retirement savings by calculating how much you should contribute to your 401(k) plan. This powerful tool shows you the impact of different contribution amounts on your take-home pay, estimates employer matching contributions, and calculates your annual tax savings. By understanding these key factors, you can make informed decisions about your retirement planning and maximize both your employer match and tax benefits while balancing your current financial needs.
How to use
Enter your annual salary, current 401(k) contribution percentage, and employer match details. Input your tax bracket and any employer matching limits. The calculator will instantly show your annual contributions, employer match amount, tax savings, and net impact on your paycheck to help you optimize your retirement savings strategy.
Frequently asked questions
What is the maximum 401(k) contribution limit for 2024?
The 2024 contribution limit is $23,000 for employees under 50, with an additional $7,500 catch-up contribution allowed for those 50 and older.
How does employer matching work in 401(k) plans?
Employers typically match a percentage of your contributions up to a certain limit, such as 50% of contributions up to 6% of salary.
Are 401(k) contributions tax-deductible?
Traditional 401(k) contributions are made pre-tax, reducing your current taxable income. Roth 401(k) contributions are made after-tax but grow tax-free.