Tuesday, June 19, 2018

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.

No comments:

Post a Comment