401k Employer Match Maximizer Calculator
401k Employer Match Maximizer
Determine the optimal 401k contribution rate to fully capture your employer match and calculate how much free money you may be leaving on the table.
Formula
Employer Match = min(Your Contribution, Salary x Match Cap %) x Match Rate %; Match Left on Table = Maximum Match - Actual Match; Optimal Contribution = Match Cap % of Salary
Frequently Asked Questions
How does a 401k employer match work?
An employer match is free money your company contributes to your 401k based on your own contributions. For example, a 50 percent match on the first 6 percent of salary means if you contribute 6 percent, your employer adds an additional 3 percent.
What does it mean to leave match money on the table?
If you contribute less than the amount needed to get the full employer match, you are forfeiting free money. For example, if your employer matches up to 6 percent of salary but you only contribute 3 percent, you are missing half the potential match.
What is the 2024 401k contribution limit?
For 2024, the employee contribution limit is $23,000 for those under 50 and $30,500 for those 50 and older (with the $7,500 catch-up). The combined employer plus employee limit is $69,000 or $76,500 with catch-up contributions.
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