In the graph and graph below see how your 401k investment grows given your time until retirement, your investment contributions, employer contributions, anticipated salary increases, and projected market rates. 401k plans are part of a family of retirement plans known as defined contribution plans. They are called "defined contribution plans" because the amount that is contributed is defined either by the employee (a.k.a. the participant) or the employer.
| Year | You Pay | Employer Pays | Yearly Total | % | % | % |
|---|
Future congressional action may change the amount of contributions to your plan. For analysis of your individual financial needs, please consult a certified accountant or financial planner.
This hypothetical illustration is provided for informational purposes only. It is not intended to represent any specific investment, and is not indicative of past, present or future performance.
Celebrate National Payroll Week 2024, September 2-6! Join the fun, take the survey for a chance to win big, and honor payroll pros. Discover the joy of getting paid and learn more about this year’s theme: "America Works Because We’re Working for America ®."
Tax Day is on Monday, Apr 15, 2024. Not ready to file? Submit an electronic request to the IRS for an extension ASAP!
IRS has updated tax brackets for 2024. See how this affects your first paycheck this year!
