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Am I calculating this right?? 401k Calculator
Just at a curiousity, I wanted to know what the approximate ending balance of my 401k would be if I left it as is and did not contribute anything else until retirement age (and just let it sit and gain compounding interest)
So I used the calculator in this link. I currently have 80k in my 401k. If I am not employed and choose to stay at home with the kids and no longer work and just let that 80k sit for the next 30 years, at approx 9% annual rate of return (currently invested 100% in a Fidelity 2045 fund), it will have a million dollars in 30 years (with no more contributions whatsoever?). That does not seem right to me, but that is what this calculator is saying...is that accurate?? I know this is approximate.
http://www.mycalculators.com/ca/401kcalcm.html
Re: Am I calculating this right?? 401k Calculator
wow, thanks very much for the reply and confirmation! it just still seems crazy that it could be true. i guess my contributing as much as possible from age 20-30 will pay off!!