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The purpose of the 401(k) Spend It or Save It Calculator is to illustrate the effects of spending money in your 401(k) and the effects of saving the money in your 401(k) after you leave your employer. To use this tool you will need to enter your current 401(k) balance, your annual rate of return, your current age, the age you will be when you retire, your federal income tax rate, and your state income tax rate. You will also need to select if you want to show balances at retirement, and/or to show taxes and penalties. This calculator will analyze the data and show your cash today vs. savings at retirement amounts.
When you leave your employer you need to take control of your 401(k) account. At this point you will need to decide whether you should start making withdrawals from your account, maintain a "hands off" philosophy, or roll over your 401(k) into a different retirement or investment account. If you make the wrong decision you can be fined and taxed heavily, as well as lose potential earnings and income. To help you make the right decisions you may want to use our 401(k) Spend It or Save It Calculator.