Bank Rate 401k Calculator

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Understanding Your 401(k) Growth with Bank Rate Projections

A 401(k) is a powerful retirement savings tool offered by many employers. It allows you to contribute a portion of your paycheck directly into investments, often with tax advantages. The "Bank Rate 401(k) Calculator" helps you estimate how your savings might grow over time, considering your current contributions, employer match, and an assumed annual growth rate.

How it Works:

This calculator takes into account several key factors:

  • Current 401(k) Balance: The amount you already have saved.
  • Annual Contribution: The total amount you plan to add to your 401(k) each year (including employee and employer contributions).
  • Annual Growth Rate: The projected average yearly return on your investments. This is an estimate, as actual market performance can vary significantly.
  • Years to Retirement: The number of years you expect to keep saving and investing before you retire.

By inputting these figures, the calculator projects your future 401(k) balance, giving you a clearer picture of your retirement readiness. Remember that this is a projection, and actual results may differ. It's always a good idea to consult with a financial advisor for personalized retirement planning.

401(k) Growth Calculator

function calculate401kGrowth() { var currentBalance = parseFloat(document.getElementById("currentBalance").value); var annualContribution = parseFloat(document.getElementById("annualContribution").value); var annualGrowthRate = parseFloat(document.getElementById("annualGrowthRate").value) / 100; // Convert percentage to decimal var yearsToRetirement = parseInt(document.getElementById("yearsToRetirement").value); var resultDiv = document.getElementById("result"); resultDiv.innerHTML = ""; // Clear previous results // Validate inputs if (isNaN(currentBalance) || isNaN(annualContribution) || isNaN(annualGrowthRate) || isNaN(yearsToRetirement) || currentBalance < 0 || annualContribution < 0 || annualGrowthRate < 0 || yearsToRetirement <= 0) { resultDiv.innerHTML = "Please enter valid positive numbers for all fields. Years to Retirement must be greater than 0."; return; } var futureValue = currentBalance; for (var i = 0; i < yearsToRetirement; i++) { futureValue = (futureValue + annualContribution) * (1 + annualGrowthRate); } // Round to two decimal places for currency representation var formattedFutureValue = futureValue.toFixed(2); resultDiv.innerHTML = "

Projected 401(k) Balance

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