Current Balance = 0
Contribution = 2
Matching = 2
Interest/Year = 0
Account Value =
Calculates the future value of a 401k account.
- Salary: Yearly salary amount.
- Current Balance: Current 401(k) balance.
- Contribution: Your contribution expressed as a percentage.
- Matching: Company's matching expressed as a percentage.
- Interest/Year: Annual interest rate earned on the 401(k) expressed as a percentage.
- Years: Number of years until retirement.
- Account Value: Value of the 401(k) account after the designated number of years.
Your company offers a 401(k) plan and matches 50% of contributions. You have $10,000 in the plan already and wish to contribute 4% of your $70,000 per year salary. What would be the account's value after 30 years if you can expect a 5% annual return?
- Salary: $70,000
- Current Balance: $10,000
- Contribution: 4%
- Matching: 2% [50% of your 4% contribution]
- Interest/Year: 5.000%
- Years: 30
Your 401(k) would be worth $329,763.67.