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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.
