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Employer 401(k) matching is often described as "free money," but the actual dollar amount depends on your contribution percentage, the match percentage, and the salary cap the match applies to — details a generic compound interest calculator doesn't model.
This calculator explicitly models employer matching alongside your own contributions, projecting your balance at retirement with compound growth.
How it works
Enter your salary, your contribution percentage, your employer's match percentage and salary cap, your current balance, years until retirement, and expected annual return. The tool calculates your matched contribution, then compounds the combined monthly contributions over time.
- Enter annual salary.
- Enter your contribution (% of salary).
- Enter employer match (% of contribution, optional).
- Enter employer match cap (% of salary, optional).
- Enter current 401(k) balance (optional).
- Enter years until retirement.
- Enter expected annual return (%).
- Click Calculate to see your results.
Examples
A 6% contribution with a 50% match
An $80,000 salary with a 6% employee contribution and a 50%-up-to-6% employer match adds $2,400/year in free employer money on top of your own $4,800 contribution.
Who should use it
- Projecting retirement balance based on a specific contribution and match structure.
- Checking whether you're contributing enough to capture the full employer match.
Industry applications
- Retirement planning
- Personal finance and benefits education
Advantages
- Explicitly models employer match and its salary cap, not just a flat contribution figure.
- Shows employee contributions, employer contributions, and growth separately.
Limitations
- Doesn't model IRS contribution limits, taxes, or fees.
Common mistakes to avoid
- Contributing less than the amount needed to get the full employer match, leaving free money unclaimed.
- Assuming the match applies to your full contribution regardless of the salary cap, when it's usually capped.
Best practices
- Contribute at least up to your employer's match cap before considering other investment priorities, since the match is typically an immediate guaranteed return.
Tips
- If you can't afford to contribute up to the full match cap right away, aim to increase your contribution percentage with every raise until you reach it.