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.
South Carolina 401k and retirement tax guide - 2026
How South Carolina taxes 401k contributions and retirement distributions
South Carolina retirement tax overview
South Carolina allows a retirement income deduction of up to $15,000 for taxpayers 65 and older. South Carolina's lower cost of living and warm climate make it increasingly popular for retirement.
South Carolina's $15,000 retirement income deduction for taxpayers 65 and older reduces the state tax burden on 401k distributions. South Carolina has been growing as a retirement destination due to its climate and cost of living.
Federal 401k rules that apply in South Carolina
Regardless of South Carolina 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.
Official sources for South Carolina retirement and 401k taxes:
- South Carolina Tax Authority — official South Carolina income and retirement tax guidance
- IRS - 401k Contribution Limits — official 2026 limits ($23,500 standard)
- IRS - 401k Plans — comprehensive 401k tax rules and guidance
- U.S. DOL - Employee Benefits Security Administration — 401k plan regulations
Tax laws change frequently. Consult a qualified financial advisor or tax professional for advice specific to your South Carolina retirement situation.