Estimate how much your retirement savings could grow by your target retirement age.
Frequently Asked Questions
How does employer match affect my 401k growth?
An employer match effectively increases your monthly contribution for free — a 50% match on a $500 contribution adds another $250/month, which compounds over your entire working career.
What return rate should I use?
Many long-term retirement calculators use 6-8% as a historical average for a diversified stock portfolio, though actual returns vary year to year and are never guaranteed.
Does this account for inflation?
No, this shows a nominal future balance. To estimate purchasing power in today's dollars, you would need to subtract an assumed inflation rate from your return rate.
How your retirement projection is calculated
This calculator grows your current savings and monthly contributions (plus any employer match) at your expected annual return, compounded monthly, from your current age until your target retirement age. An employer match effectively increases your monthly contribution for free, which compounds significantly over a multi-decade career.
How to use this retirement calculator
- Enter your current age and target retirement age.
- Enter your current retirement savings balance.
- Enter your monthly contribution and employer match percentage.
- Enter your expected annual return and click Calculate.
Note: Results are shown in nominal (non-inflation-adjusted) dollars.
How employer matching works
Many employers match a percentage of your 401(k) contribution up to a limit — commonly 50% of contributions up to 6% of salary. This match is effectively free money that compounds alongside your own contributions for the rest of your career, which is why financial advisors commonly recommend contributing at least enough to capture the full match before directing extra savings elsewhere.
Factors that affect your retirement balance
- Years until retirement: The single largest factor — an extra decade of compounding can dramatically change your final balance.
- Contribution rate: Even a few extra percentage points of salary contributed consistently makes a large difference over a career.
- Employer match: Maximizing the match is one of the highest-return moves available in most retirement plans.
- Investment mix: Your expected annual return assumption should reflect a realistic, diversified portfolio, not an optimistic best-case scenario.
Tips for building your retirement savings
Increase your contribution rate gradually, for example by 1% each year or whenever you get a raise, so it’s less noticeable in your take-home pay. Avoid cashing out or taking loans against your 401(k) when changing jobs, since that interrupts decades of compounding. Revisit your projection periodically, especially after a raise or major life change.
Expert insight: how much to actually save
Morningstar’s director of retirement planning, Christine Benz, suggests that if you’re still in your accumulation years, saving around 15% of your salary (including any employer match) is a reasonable minimum target. She also notes the Roth-vs-traditional 401(k) decision mainly comes down to whether you expect your tax bracket to be higher now or in retirement — Roth contributions tend to make more sense earlier in your career.
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Disclaimer: This calculator is provided for general informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Results are estimates based on the values you enter and should not be relied upon as the sole basis for any financial or other decision. Past performance and projected figures are not a guarantee of future results. Always consult a qualified professional before making financial decisions. See our Legal Notice and Privacy Policy for more information.