Useful 401k Retirement Calculators - IRA
Minimum Distribution Calculator, Life Expectancy Calculator, 401k
Savings Calculator and more.
Minimum IRA Distribution Calculator (August 2011) The IRS requires that you must
withdraw the required minimum distributions from your IRA or
401(k) account from the age you turn 70 and 1/2 years old. The
reason for this, well the IRS wants to generate tax revenue,
thus when you withdraw funds from your IRA that was growing
tax-deferred, you will have to pay taxes upon the minimum required
distribution. Determining exactly how much is required to be
distributed as minimum is very important to know, as the penalties
for doing it wrong are severe. You can use the calculator linked
below to calculate exactly how much required minimum distributions
you might have to take out.
401k Savings Calculator Tool
The variables used in our online calculator are defined in detail below, including how to interpret the results.
Current Age (years)
How old you are, used to determine working time until retirement.
Age you will Retire
When you expect to retire.
Life Expectancy (years)
When you think you will die. Average life expectancy for men is 73, women is 76--but this is from birth. If you make it to age 65, things change dramatically. For example, at age 65, the average life expectancy is 83 years of age, men and women combined.
401k Current Balance (in USD)
The amount you currently have in a 401k fund. If you have no fund, just enter zero (0) here.
Your Contribution to 401k (% of Salary)
Your current or expected contribution to your 401k plan, as a percentage of your salary. Changing your annual contribution percent has a dramatic impact on your 401k fund balance at retirement!
Employer Match Amount (% of Contribution)
Many employers offer a matching contribution of X% as a benefit of employment. If they do, enter that here. Otherwise put 0%.
Employer Maximum Contribution Amount (% of Salary)
Some employers will match but only to a maximum percent of your overall salary. If your employer has a maximum match percent, enter it here. If your employer has no matching limit, enter 100%, otherwise enter 0%.
Average Annual Return for 401k (%)
The average, annual rate of return you expect your 401k to earn from now until retirement. Having an aggressive annual return may look nice, but it's rare to get more than 5-7% per year, year after year. Using a conservative number here will allow you to understand how funding affects the balance and not hope for a "Hail Mary" event to save your retirement!
401k Fund Growth Over Time ($)
Taking into account all factors above, including the maximum contributions for 2011, this table represents how your 401k balance might grow over time.
For example, an employee can currently contribute up to $16,500 (2011) and the employer can match up to $8,250 on a before-tax basis. At age 50, this limit increases to $22,000 for employees and $11,000 for employers. This calculator uses these contribution rules when calculating the fund's growth over time.
Your 401k Balance at Retirement ($)
This is the money you will have saved in your 401k plan when you retire, assuming you continue making annual contributions to the account, your get the same annual return, and your employer matches the amount you specified your entire career.
Annual Retirement Income from 401k ($ / Year)
This is the annual retirement income you might expect to receive from your 401k account. Keep in mind that withdrawals from 401k funds are taxable, and depending on how many years you are from retirement, inflation will decrease the buying power of these future dollars.
Disclaimer: This calculator is meant to be a tool for the investor but the accuracy of these calculations is not guaranteed nor may it apply to your circumstances. Always obtain direct advice from qualified professional financial advisors if you are uncertain about what to do