The 401(K) plan is a widely used retirement method offered by employers to encourage employees to save for retirement.
Assuming an employee of age 25 years with an annual salary of $40,000 that raised annually 3%, with a maximum salary of $70,000, and employee savings 5% and employer match 5% with an annual investment return of 8%
at age 65 the 401(K) plan balance of this employee will be $1,502,555.42.