403(b)/457/401(k) Savings Calculator

Percent to contribute

This is the percentage of your annual salary you contribute to your 403(b)/457/401(k) plan each year. Most employers permit employees to contribute up to 100% of their salary to a 403(b)/457/401(k).

Annual salary

This is your annual salary from your employer before taxes and other benefit deductions. Since your contribution and company match are based on the salary paid to you by your employer, do not include any income you may receive from sources other than your employer.

Annual contribution limits

Your total contribution for one year is based on your annual salary times the percent you contribute. However, your annual contribution to your 403(b)/457/401(k) account is also subject to certain maximum total contributions per year. The annual maximum for 2024 is $23,000. If you are age 50 or over, a 'catch-up' provision allows you to contribute an additional $7,500 into your account. The SECURE 2.0 Act of 2022 increases the catch-up contribution beginning in 2025 for individuals age 60 to 63 to 50% of the standard contribution limit. Beginning in 2026 catch-up contributions must be made as Roth contributions for individuals making more than $145,000 (adjusted for inflation) in the previous year. The current calculator does not include the future catch-up contribution limit or Roth requirement which are subject to pending IRS rule finalization and clarification. It is also important to note that employer contributions do not affect an employee's maximum annual contribution limit.

It is important to note that some employees are subject to another form of contribution limitations. Employees classified as 'Highly Compensated' may be subject to contribution limits based on their employer's overall 403(b)/457/401(k) participation. If you expect your salary to be $155,000 or more in 2024 or was $150,000 or more in 2023, you may need to contact your employer to see if these additional contribution limits apply to you.

Current age

Your current age.

Age at retirement

Age you wish to retire. This calculator assumes that the year you retire, you do not make any contributions to your 403(b)/457/401(k). For example, if you retire at age 65, your last contribution occurs when you are actually 64.

Current balance

The starting balance or current amount you have invested or saved in your 403(b)/457/401(k).

Annual rate of return

The annual rate of return for your 403(b)/457/401(k) account. This calculator assumes that your return is compounded annually and your deposits are made monthly. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending December 31^st 2022, had an annual compounded rate of return of 12.6%, including reinvestment of dividends. From January 1, 1970 to December 31^st 2022, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.7% (source: www.spglobal.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that investment funds and/or investment companies may charge.

Annual salary increase

The annual percentage you expect your salary to increase. The tool assumes that your salary will continue to increase at this rate until you retire.

Employer match

An employer match is in addition to your annual contributions. It is based on a percentage of your annual contributions. This range can be anywhere from 0% to 100%.

For example, let's assume the employer matches 50% of the employee's contributions up to 6% of their salary. The employee earns $100,000 per year and contributes 10%. The results would be:

• $10,000 from the employee
• $3,000 from the employer (which is 50% of $6,000 or 6% of the annual salary)
• Total: $13,000

Please read the definition for 'Employer maximum' for a detailed description of maximum employer matching contributions. It is also important to note employer contributions do not affect the maximum amount allowed to be contributed by an employee. Matching contributions can be subject to a vesting schedule. See your plan information for details.

Employer maximum

This is the maximum percent of your salary matched by your employer regardless of the amount you decide to contribute. For example, let's assume your employer has a 50% match, up to a maximum of 6% of your annual salary. If you have an annual salary of $25,000 and contribute 6%, your annual contribution is $1,500. With a 50% match, your employer will add another $750 to your 403(b)/457/401(k) account. If you increase your contribution to 10%, your annual contribution is $2,500 per year. Your employer match, however, is limited to the first 6% of your salary and remains at $750.