401k Contribution Calculator to Max Out

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Reviewed by David Chen, CFA • Financial Planning Specialist • Updated October 2023

Use this tool to calculate exactly how much you need to contribute from each paycheck to reach the IRS annual limit by the end of the year. Don’t leave free money on the table—optimize your savings strategy today.

401k contribution calculator to max out

The 2024 limit is $23,000.
Enter $7,500 if you are age 50 or older.
Total saved so far this year.
Number of paychecks left in the year.
Used to calculate percentage of gross pay.
Used for percentage calculation accuracy.

Contribution Per Paycheck

$0.00

Detailed Breakdown

401k contribution calculator to max out Formula

To determine how to max out your 401(k) for the remainder of the year, we use the following logical formula:

C = (L + CU – YTD) / R

Source: Verified against IRS contribution limits at IRS.gov and Investopedia.

Variables:

  • C (Contribution): The amount you must contribute per pay period to reach the max.
  • L (Annual Limit): The standard IRS limit (e.g., $23,000 for 2024).
  • CU (Catch-Up): Additional allowance for those aged 50+ (e.g., $7,500).
  • YTD (Year-to-Date): Amount you have already contributed this year.
  • R (Remaining): Number of pay periods left in the year.

Related Calculators

What is 401k contribution calculator to max out?

A “401k contribution calculator to max out” is a specialized tool designed to help employees adjust their payroll deductions mid-year or at the start of the year to ensure they hit the maximum IRS allowable contribution limit by December 31st.

Maxing out your 401(k) reduces your taxable income in the current year (for traditional plans) and accelerates your retirement savings compound growth. Since limits change annually and pay schedules vary, calculating the exact dollar amount per paycheck prevents you from under-saving or hitting the limit too early and missing out on employer matches.

How to Calculate 401k contribution calculator to max out (Example)

Here is a step-by-step example of how the calculation works for an employee under age 50:

  1. Identify the Limit: For 2024, the limit is $23,000.
  2. Subtract Current Savings: If you have already saved $5,000, the remaining amount needed is $18,000.
  3. Count Remaining Paychecks: Assume there are 15 pay periods left in the year.
  4. Divide: $18,000 divided by 15 equals $1,200.
  5. Result: You must change your contribution election to $1,200 per paycheck to max out exactly.

Frequently Asked Questions (FAQ)

What happens if I contribute too much to my 401(k)?
Excess contributions must be removed by the plan administrator before tax day to avoid double taxation and penalties. This calculator helps prevent over-contribution.

Does the employer match count towards the limit?
No. The individual contribution limit (e.g., $23,000) applies only to your salary deferrals. Employer matches count towards the separate, higher “total combined limit” ($69,000 for 2024).

When should I use a 401k contribution calculator to max out?
It is best to use this tool at the beginning of the year, after receiving a raise, or if you change jobs mid-year to reset your contribution strategy.

Can I change my contribution percentage at any time?
Most employers allow you to change your contribution rate at any time, though it may take 1-2 pay cycles to take effect. Check with your HR department.

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