A 401(k) account available through your employer is one of the best methods for building retirement savings. There are two key advantages. First, any contributions made to your 401(k) now are tax deferred, so each year's total taxable income will be lower. Second, some employers provide 401(k) match programs where they contribute to your 401(k) account. Depending on the program, employer contributions can range from 0% to 100% of your contributions.
401(k) Calculator
401(k) Calculator
Savings at Retirement
With Employer Match
$ 1,199,971.30
Without Employer Match
$ 880,304.15
Over the course of your 30-year savings period, your employer 401(k) match is worth an additional $319,667.15 in retirement savings.
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