Calculator Comparison

401(k) Calculator vs Pension Calculator

Not sure which calculator to use? Here's a side-by-side comparison of the 401(k) Calculator and Pension Calculator to help you pick the right one for your needs.

401(k) Calculator

Investment & Retirement

Project your 401(k) balance at retirement including employer matching, contribution limits, and investment growth.

What you enter

Current Age
Retirement Age
Current 401(k) Balance
Annual Salary
Your Contribution (%)
Employer Match (%)
Match Up To (% of salary)
Expected Annual Return

What you get

Projected 401(k) Balance(primary)
Your Total Contributions
Employer Match Total
Investment Growth

Includes visual area chart breakdown

Use 401(k) Calculator

Pension Calculator

Investment & Retirement

Estimate your pension benefit at retirement based on your years of service, final average salary, and pension plan formula.

What you enter

Years of Service
Final Average Salary
Pension Multiplier
Retirement Age

What you get

Monthly Pension(primary)
Annual Pension
Income Replacement

Use Pension Calculator

Key Differences

Feature	401(k) Calculator	Pension Calculator
Category	Investment & Retirement	Investment & Retirement
Inputs	8 required fields	4 required fields
Outputs	4 results	3 results
Chart	area chart	No chart
FAQs	6 answered	3 answered

Input Comparison

Shared Inputs

Retirement Age

Only in 401(k) Calculator

Current Age
Current 401(k) Balance
Annual Salary
Your Contribution (%)
Employer Match (%)
Match Up To (% of salary)
Expected Annual Return

Only in Pension Calculator

Years of Service
Final Average Salary
Pension Multiplier

Which Calculator Should You Use?

Use the 401(k) Calculator if you need to:

Calculate projected 401(k) balance
When you know your current age and retirement age
Want a visual area chart breakdown

Use the Pension Calculator if you need to:

Calculate monthly pension
When you know your years of service and final average salary

Frequently Asked Questions

Should I contribute enough to get the full employer match?

Yes — always capture the full employer match before anything else. An employer match of 50% up to 6% of salary is an immediate 50% return on investment. No other investment offers guaranteed returns like this. Not capturing the full match is leaving part of your compensation on the table.

What is the 401(k) contribution limit?

For 2024, you can contribute up to $23,000 to a 401(k) if you're under 50. If you're 50 or older, the catch-up contribution limit allows an additional $7,500, for a total of $30,500. These limits apply to your contributions only — employer matches don't count toward your personal limit.

How is a pension calculated?

Most defined benefit pensions use this formula: Years of Service x Multiplier % x Final Average Salary. For example, 25 years x 1.5% x $85,000 = $31,875 per year.

What is a pension multiplier?

The multiplier (or accrual rate) is the percentage of salary you earn toward your pension for each year of service. Common multipliers range from 1% to 2.5%.

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Bottom Line

Choose the 401(k) Calculator if you need to calculate projected 401(k) balance. Use the Pension Calculator if you need to calculate monthly pension. Both calculators are free and require no sign-up.

Use 401(k) Calculator Use Pension Calculator

Feature

401(k) Calculator

Pension Calculator