Converting a 401(k) contribution percentage into an actual dollar figure — and understanding exactly how much free money an employer match adds — helps when deciding whether to increase your contribution rate.
This calculator applies your chosen contribution percentage to your salary for your own contribution amount, and separately calculates the employer match (commonly capped at matching up to a certain percentage of salary, per your specific plan's rules) to show the combined total going into your retirement account.
A common piece of financial guidance is to contribute at least enough to capture the full employer match, since that match is effectively free money — contributing less than the matched percentage leaves part of that employer contribution unclaimed.
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Frequently asked questions
Why should I contribute at least enough to get the full employer match?
An employer match is essentially free money added to your retirement savings — contributing below the matched percentage means leaving part of that available match unclaimed, which is often cited as one of the clearest "free money" opportunities in personal finance.
Does the employer match usually cap at a certain percentage?
Yes, employer matching typically has a cap (like matching 100% of your contribution up to 4% of salary) — check your specific plan's matching formula, since this calculator uses a simplified matching structure.