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Deseret 401(k) Calculator

The Deseret 401(k) Plan retirement savings program is one of the best tools you can use for creating a secure retirement. One of the many valuable features of the plan is the SMarT option which allows you to increase your contributions consistently and automatically each year. With this feature you don't have to remember to increase your contributions; SMarT does it for you, allowing you to build your account balance faster. Just choose the time of year you would like your automatic increase to occur, and SMarT will do the rest. This calculator helps you project what your savings could be if you were to automatically increase your payroll savings each year using SMarT contributions.

Deseret 401(k) Calculator Definitions

Gross pay
This is your gross pay, before any deductions, for the pay period. Please enter a dollar amount from $1 to $1,000,000.
Pay period
This is how often you are paid. Your selections are: Weekly (52 paychecks per year), Bi-week (26 paychecks per year), Semi-monthly (24 paychecks per year), Monthly (12 paychecks per year) and Annually (1 paycheck per year).
Current account balance
The current balance of this account.
Annual rate of return
Investment Return Guidelines: Short-term preset mix: 5%, Intermediate preset mix: 6%, Long-term preset mix: 7%, Stock only preset mix: 8%

This calculator assumes that your return is compounded annually and your deposits are made monthly. The actual rate of return is largely dependent on the types of investments you select. The Standard & Poor's 500® (S&P 500®) for the 10 years ending Dec. 1st, 2015, had an annual compounded rate of return of 7.76%, including reinvestment of dividends. From January 1970 through to Dec. 2015, the average annual compounded rate of return for the S&P 500®, including reinvestment of dividends, was approximately 10.5% (source: www.standardandpoors.com). Since 1970, the highest 12-month return was 61% (June 1982 through June 1983). The lowest 12-month return was -43% (March 2008 to March 2009). Savings accounts at a financial institution may pay as little as 0.25% or less but carry significantly lower risk of loss of principal balances.

It is important to remember that these scenarios are hypothetical and that future rates of return can't be predicted with certainty and that investments that pay higher rates of return are generally subject to higher risk and volatility. The actual rate of return on investments can vary widely over time, especially for long-term investments. This includes the potential loss of principal on your investment. It is not possible to invest directly in an index and the compounded rate of return noted above does not reflect sales charges and other fees that Separate Account investment funds and/or investment companies may charge.

Current age
Your current age.
Age of retirement
Age you wish to retire. This calculator assumes that the year you retire, you do not make any contributions. So if you retire at age 65, your last contribution occurs when you are actually 64.
Expected annual salary increase
The annual percentage you expect your salary to increase. We assume that your salary will continue to increase at this rate until you retire.
Current employee contributions
This is the percent of your gross income you put into a taxable deferred retirement account such as a 401(k), 403(b) or 457. While increasing your retirement account savings does lower your take home pay, it also lowers your Federal income tax withholding.

While your plan may not have a deferral percentage limit, this calculator limits deferrals to 80% to account for FICA (Social Security and Medicare) taxes. Please note that your plan's contributions may be limited to less than 96% of your income. Check with your plan administrator for details. For 2017, the maximum contribution to a 401(k), 403(b) or 457 is $18,000 per year for individuals under 50 and $24,000 for individuals age 50 and over.

SMarT auto escalation percentage
This is amount that we will increase your employee contribution percentage each year. The annual increase will continue until you have reached your specified SMarT savings maximum percent, or the annual contribution limit (see below).
SMarT auto escalation percentage stops
This is the maximum employee contribution that you wish to have. If you enter 10%, for example, the employee contributions will never increase beyond 10%.
Annual contribution limits
Your total contribution for one year is based on your annual salary times the percent you contribute. However, your annual contribution is also subject to certain maximum total contributions per year. The annual maximum for 2017 is $18,000. If you are age 50 or over, a 'catch-up' provision allows you to contribute additional $6,000 into your account. It is also important to note that employer contributions do not affect an employee's maximum annual contribution limit. The catch-up amount is indexed for inflation in increments of $500.

It is important to note that some employees are subject to another form of contribution limitations. Employees classified as 'Highly Compensated' may be subject to contribution limits based on their employer's overall participation. If you expect your salary to be $120,000 or more in 2017 or was $120,000 or more in 2016, you may need to contact your employer to see if these additional contribution limits apply to you. Participants in 403(b) and 457(b) plans may also be able to make additional special contributions.