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EXAMPLE CALCULATIONS:
1. What will be the approximate value of your 401(k) in 10 years?
* The assumptions:You currently have $20,000 in your 401(k). Your annual salary is $50,000 and you hope to receive a 3% annual salary increase. You are contributing 6% of your salary to the plan (invested in a mutual fund monthly) and your employer will match your contribution 100% up to a maximum of 6% of your annual salary. They are matching that on an annual basis. The plan has been earning an average of 11% (compounded annually) per year, and you expect that to continue.
Enter:
o 20000 = Current 401(k) Balance
o 50,000 = Current Annual Income
o 3 = Expected Annual Salary Increase
o 6 = Percent of Salary Withheld for 401(k) (Monthly box checked)
o 100 and 6 respectively = Employer Match (Annually box checked)
o 10 = Years to Fund 401(k)
o 11 = Average Annual Interest Rate Earned (Annually box checked)
Press View Schedule You will have $ 171,725.44 in your 401(k) in 10 years (assuming all variables are met, of course).
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