Your retirement plan.
A little less mysterious.

Your 401(k) is a workplace retirement account. The funds inside it are the investments. A contribution election tells payroll what to add; an investment election tells the plan where to put that money. Existing balances and new-contribution allocations can differ.

Traditional elective contributions generally reduce current federal taxable income; withdrawals are generally taxable. Roth contributions use after-tax income, and qualified withdrawals are tax-free. They share an employee contribution limit. Tax treatment and investment choice are separate decisions.

An ongoing annual fund cost expressed as a percentage of assets. At an unchanged $10,000 balance, a 0.50% ratio is about $50 a year. These expenses are generally reflected in fund returns, rather than appearing as a separate bill. Plan administration or service fees may be additional.

A match depends on how much you contribute and your plan’s formula. “50% of the first 6%” means the employer adds up to 3% of eligible pay when you contribute 6%. Matching can be calculated each paycheck. A year-end true-up may reconcile differences, but only if the plan provides one. Confirm the rules before changing contribution timing.

A fund holding a mix of investments that generally changes over time toward and sometimes beyond a target retirement year. Funds with the same year can have different risks and fees. They are not guaranteed. Mixing one with other funds changes your combined allocation; this tool does not look through to the underlying holdings.

This snapshot cannot answer that on its own. Retirement readiness depends on future spending, retirement age, other savings, Social Security, taxes and uncertain returns. Use this tool to understand your plan first, then build a broader retirement plan. A high balance, full match or low fee alone does not establish readiness.