Financial

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401k calculator

Content

current_age = input Current age

current_salary = input Current salary

current_balance = input Current_401k_Balance

contribution_percent = @(input Contribution_percent) / 100

employer_match_percent = @(input Employer_match_percent) / 100

employer_match_limit = @(input Employer_match_limit) / 100

retirement_age = input Retirement age

annual_return = @(input Annual return) / 100

years_until_retirement = retirement_age - current_age

personal_contribution = current_salary * contribution_percent

max_employer_match = current_salary * employer_match_limit

actual_employer_match = min(max_employer_match, employer_match_percent * personal_contribution)

total_annual_contribution = personal_contribution + actual_employer_match

future_value_current_balance = current_balance * ((1 + annual_return) ^ years_until_retirement)

future_value_annual_contributions = total_annual_contribution * ((1 + annual_return)^years_until_retirement - 1) / annual_return

total_estimated_balance_at_retirement = future_value_current_balance + future_value_annual_contributions

output total_estimated_balance_at_retirement

Description

 estimate a 401(k) balance at retirement as well as distributions in retirement based on income, contribution percentage, age, salary increase, and investment return. It is mainly intended for use by U.S. residents.

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