Retirement Contribution Effects on Your Paycheck

An employer-sponsored retirement savings account could be one of your best tools for creating a secure retirement. It provides two important advantages. First, all contributions and earnings are tax-deferred. You only pay taxes on contributions and earnings when the money is withdrawn. Second, many employers provide matching contributions to your account, which can range from 0% to 100% of your contributions. Use this calculator to see how increasing your contributions to a 401(k), 403(b) or government 457 plan can affect your paycheck as well as your retirement savings.

This calculator uses 2024 withholding schedules, rules and rates (IRS Publication 15).

See Definitions below for more information.

To use this calculator, change entries and select “Calculate” to view new results.

This illustration does not take into account certain fees and expenses that may be charged to your investment. Mutual of America does not provide tax or legal advice. You should contact your tax or legal adviser concerning your particular situation.

Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage individuals to seek personalized advice from qualified professionals regarding all personal finance issues.