Increasing your monthly contribution, even by as little as 0.5% of your salary, can dramatically increase the 401(k) balance at your retirement. Increasing your personal contribution might result in higher employer contributions as they match your contribution. Therefore, your balance at retirement will grow at an accelerated pace.
|Comparison||Original Contribution||Increased Contribution|
|Monthly Withdrawal till Age 65||$410||$420|
|Ending Balance Increment||-||$1,362|
|Monthly Withdrawal Increment||-||$11|