Calculate your retirement savings needs and see if you're on track. Plan 401k contributions, factor in employer matching, and project your retirement nest egg with our comprehensive retirement planning calculator.
Percentage of salary contributed to 401k
Employer matches X% of your contribution
Match applies up to X% of salary
Historical stock market average: 7-10%
Average salary growth rate
Financial experts recommend saving 10-15% of your income for retirement. This includes both your contributions and employer matching. Start with at least enough to get the full employer match, then gradually increase your contribution rate.
A common rule is to save 25 times your annual expenses or have enough to replace 70-90% of your pre-retirement income. For example, if you need $50,000 annually in retirement, aim for $1.25 million in savings.
Contribute enough to your 401k to get the full employer match first - it's free money. Then consider maxing out an IRA for more investment options. After that, return to increasing your 401k contributions.
It's never too late to start. If you're behind, consider increasing your contribution rate, working a few years longer, or reducing retirement expenses. Those 50+ can make catch-up contributions to 401k and IRA accounts.
A diversified portfolio typically includes stocks, bonds, and possibly real estate. Many experts suggest a target-date fund that automatically adjusts your asset allocation as you approach retirement. Consider your risk tolerance and time horizon.