401K Plan for 2018 Pharmacy Graduates

Graduating from pharmacy school, you might want to plan your savings right away even though you may have lots of student loans to pay off. The earlier you save, the better since the compound interest will kick in earlier, which will make a big impact on your savings in the end. In the below, there are example graph and table of a sample 401K plan if you put in 8% of our yearly salary with 7.5% compound interest. You may make your own 401K plan with the excel spreadsheet I developed and attached on this link: Download 401K Plan Spreadsheet Here

Graph-1 Example of 401K Balance when you put 8% of your yearly salary with starting salary of $120,000 at age 26

Table-1 Example of 401K Balance when you put 8% of your yearly salary with starting salary of $120,000 at age 26

Year	Age (Dec)	Salary	401K Used	401K Balance
2018	26	$120,000.00	$               -	$      6,000.00
2019	27	$123,600.00	$               -	$    17,079.60
2020	28	$127,308.00	$               -	$    29,309.06
2021	29	$131,127.24	$               -	$    42,784.18
2022	30	$135,061.06	$               -	$    57,608.24
2023	31	$139,112.89	$               -	$    73,892.57
2024	32	$143,286.28	$               -	$    91,757.13
2025	33	$147,584.86	$               -	$  111,331.22
2026	34	$152,012.41	$               -	$  132,754.13
2027	35	$156,572.78	$               -	$  156,175.94
2028	36	$161,269.97	$               -	$  181,758.36
2029	37	$166,108.06	$               -	$  209,675.53
2030	38	$171,091.31	$               -	$  240,115.04
2031	39	$176,224.05	$               -	$  273,278.94
2032	40	$181,510.77	$               -	$  309,384.79
2033	41	$186,956.09	$               -	$  348,666.87
2034	42	$192,564.77	$               -	$  391,377.46
2035	43	$198,341.72	$               -	$  437,788.15
2036	44	$204,291.97	$               -	$  488,191.37
2037	45	$210,420.73	$               -	$  542,901.91
2038	46	$216,733.35	$               -	$  602,258.62
2039	47	$223,235.35	$               -	$  666,626.26
2040	48	$229,932.41	$               -	$  736,397.41
2041	49	$236,830.38	$               -	$  811,994.63
2042	50	$243,935.29	$               -	$  893,872.66
2043	51	$251,253.35	$               -	$  982,520.90
2044	52	$258,790.95	$               -	$1,078,465.99
2045	53	$266,554.68	$               -	$1,182,274.64
2046	54	$274,551.32	$               -	$1,294,556.65
2047	55	$282,787.86	$               -	$1,415,968.16
2048	56	$291,271.50	$               -	$1,547,215.12
2049	57	$300,009.64	$               -	$1,689,057.08
2050	58	$309,009.93	$               -	$1,842,311.22
2051	59	$318,280.23	$               -	$2,007,856.66
2052	60	$327,828.64	$               -	$2,186,639.17
2053	61	$337,663.49	$               -	$2,379,676.17
2054	62	$347,793.40	$               -	$2,588,062.12
2055	63	$358,227.20	$               -	$2,812,974.31
2056	64	$368,974.02	$               -	$3,055,679.15
2057	65	$380,043.24	$               -	$3,317,538.81
2058	66	$391,444.54	$               -	$3,600,018.45
2059	67	$403,187.87	$               -	$3,904,693.99
2060	68	$             -	$  311,462.63	$3,886,083.41
2061	69	$             -	$  320,806.51	$3,856,733.15
2062	70	$             -	$  330,430.70	$3,815,557.44
2063	71	$             -	$  340,343.63	$3,761,380.62
2064	72	$             -	$  350,553.93	$3,692,930.23
2065	73	$             -	$  361,070.55	$3,608,829.44
2066	74	$             -	$  371,902.67	$3,507,588.98
2067	75	$             -	$  383,059.75	$3,387,598.41
2068	76	$             -	$  394,551.54	$3,247,116.75
2069	77	$             -	$  406,388.09	$3,084,262.41
2070	78	$             -	$  418,579.73	$2,897,002.36
2071	79	$             -	$  431,137.12	$2,683,140.42
2072	80	$             -	$  444,071.24	$2,440,304.71
2073	81	$             -	$  457,393.37	$2,165,934.20
2074	82	$             -	$  471,115.17	$1,857,264.09
2075	83	$             -	$  485,248.63	$1,511,310.26
2076	84	$             -	$  499,806.09	$1,124,852.44
2077	85	$             -	$  514,800.27	$  694,416.11
2078	86	$             -	$  530,244.28	$  216,253.03

Disclaimer

This model is designed to give you an estimated prediction of your 401K balance based on the criteria you put in. I am not to be liable for direct, indirect or consequential damages or for any loss of revenue, profits, or data in connection with using this model, including, but not limited to, medical, physical, and psychological effects. The information contained within this model is provided 'as-is', without warranties as to its accuracy whether expressed or implied and is intended for educational purposes only.