401k contribution calculator - 2026
Enter your salary, contribution rate, and employer match to see your projected retirement savings
| Category | Annual | Total at retirement |
|---|---|---|
| Your contributions | -- | -- |
| Employer match | -- | -- |
| Investment growth | -- | -- |
| Total projected balance | -- | -- |
Projections assume constant contribution rates and investment returns. Actual returns vary and are not guaranteed. This calculator is for educational purposes only. Consult a financial advisor for personalized retirement planning advice.
Minnesota 401k and retirement tax guide - 2026
How Minnesota taxes 401k contributions and retirement distributions
Minnesota retirement tax overview
Minnesota has a relatively high income tax rate but provides some Social Security income exclusion based on income. Minnesota's high wages lead to above-average 401k balances.
Minnesota's high top income tax rate makes tax-efficient retirement withdrawal strategies particularly valuable for Minnesota retirees. Roth conversion strategies should be considered carefully given Minnesota's progressive tax structure.
Federal 401k rules that apply in Minnesota
Regardless of Minnesota state tax treatment, federal rules govern 401k contribution limits. In 2026 the 401k contribution limit is $23,500 per year ($31,000 if age 50 or older with catch-up contributions). Traditional 401k contributions reduce your federal taxable income dollar-for-dollar in the year contributed. You pay ordinary income tax when you withdraw in retirement. Withdrawals before age 59.5 are subject to a 10% federal penalty plus income taxes unless an exception applies.
This guide is for general informational purposes. Tax laws change frequently. Consult a qualified financial advisor or tax professional for advice specific to your Minnesota retirement situation.