What Is My 403(b) Plan Worth?

It may surprise you how significant your retirement accumulation may become simply by saving a small percentage of your salary each month in your 403(b) Plan. Use this calculator to estimate how much your plan may accumulate for retirement.

Estimate the Worth of My 403(b) Account

If you work for a non-profit or educational institution, you may have a retirement plan known as a 403(b). This tax-deferred plan allows you to save money tax-free now and until you remove your investment for use as income, at which point it is taxed as income. One of the big considerations with a 403(b) is figuring out how much to contribute now so you get the amount you need at retirement.


How Much Should I Contribute?

Limits for contributions are quite high. While the amount you can contribute will vary on your circumstances, in 2018, workers are able to add up to $55,000 annually to their 403(b). When wondering how much to contribute to your 403(b), consider whether you are eligible only for the $18,500 in 2018 or whether you can add more because of employer matching, because you are over 50, or because you meet other requirements for larger contributions.

How Much Will My 403(b) Be Worth?

When considering how much you need to save, consider how much you will need at retirement and how much your 403(b) will be worth by the time you want to retire. This way, you can start working backward to determine how much you need to contribute now. You can also determine whether you need other investment or retirement vehicles to save enough.

When calculating how much your 403(b) will be worth at retirement, consider when you will need the money. You can start withdrawals at 59.5 years of age. If you remove money earlier, you will generally need to pay not only taxes on the amount withdrawn but also a 10% penalty, unless there are special extenuating circumstances.

Your 403(b) also cannot grow indefinitely. You need to start taking minimum distributions by the April after the year you turn 70.5. You may be able to defer this until the year after retirement in some cases. When trying to determine how much you will have, consider growth rate, the number of years before you need the money and any employer contributions.

Use a 403(b) Calculator to Help

If you need help figuring out how much you will have and how much you need to contribute now to meet your retirement needs, use the free and unbiased Money Help Center 403b calculator. Our calculator asks a few simple questions and does all the math for you, giving you the information you need in clear and easy-to-understand formats.

Our calculators are free and unbiased, so feel free to use them repeatedly. Plug in different contribution amounts to see how changing your contributions now could impact your retirement savings decades from now. Find the right balance between costs now and contributions you need to make for later and be sure to use the other Money Help Center calculators to create a budget and save money so you can make your contributions.