How this retirement calculator works
Each year until retirement you contribute a percentage of a salary that grows with raises. Your employer matches part of it. For example, "50% up to 6%" means that if you put in 6% of your pay, your employer adds 3%. The balance grows at your pre-retirement return.
After you retire, the calculator withdraws your target income minus Social Security, raised each year for inflation, while the rest stays invested at a more conservative return.
Yearly contribution limits
The IRS sets yearly limits for 401(k)s and IRAs, with extra "catch-up" amounts if you're 50 or older. Check IRS.gov for the current figures before you set your contribution.