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The purpose of the Retirement Contribution Effects on Your Paycheck is to illustrate how increasing contribution amounts to 401(k)s, 403(b)s, and/or 457 plans impact your paycheck and retirement savings potential. To use this tool you will need to enter your gross pay, your filing status, your stat and local tax rate, post-tax deductions in dollars, expected annual salary change, pay period type, number of allowances, pre-tax deductions, post-tax reimbursements, year to date income, retirement plan type, current age, annual rate of return, employer match rate, current retirement account balance, age of retirement, alternative employer matching rate and maximum, withholding option 1 and withholding option 2. The calculator will use this data to determine how making specific changes to your contribution amounts will impact your paycheck.
When you are planning for your financial future you should take into consideration how changes in your monthly contributions to your retirement account is impacting your current financial health. Investing too much money can inhibit your ability to pay your bills now, while contributing too little can inhibit the quality of life that you will be able to afford when you retire. To find the best investment strategy you can use our Retirement Contribution Effects on Your Paycheck calculator.