As the global economy has suffered several set backs within past few years, many employers have been forced to either decrease the amount of money they match in 401k plans or completely discontinue 401k matching to stay afloat and profitable. As this practice became increasingly more popular among companies, individuals began searching for alternative methods of saving for their retirement. Although numerous people selected to put their future retirement savings in general savings accounts, a huge majority of people selected a different, safer, and more profitable route- a money market account .

A money market account is in essence a savings account which usually offers a considerably higher interest rate than that of a conventional savings account. Banks are able to offer higher interests on these kinds of accounts for many reasons. One reason is because of the intended use of the deposited money itself. Banks use the money in money market accounts to invest in government and corporate securities and subsequently pays the depositor based on the present interest rates within the money market. Moreover, restrictions are applied to the accounts which require that a higher amount of money remain deposited in them than in conventional savings accounts. Banks are also allowed to charge fees if the account has funds withdrawn from it exceeding the permitted amount of times in a given period of time. Although there are more limitations on a money market account than a conventional savings account, the exponentially higher interest rates it draws more than enough make up for the restrictions.

Another reasons why money market accounts are becoming increasingly accepted is due to their relative security in relation to 401k plans that hinge mostly on the success of an individual's employer usually as the funds in the 401k plan are comprised of stock within a given company. In addition, unlike a 401k plan, the money in a money market account are insured by the FDIC like a traditional account so there is no risk of totally losing it if a bank closes. Also, the penalties for withdrawing money from a money market account are normally less severe than that of a 401k plan and allow a fixed number of withdrawals a month.

When utilizing a money market account, one of the most functional tools an investor can use is that of a money market calculator. An individual can analyze their money market account and its respective characteristics such as the initial and current deposited amount, the current interest rate, length of estimated account duration, annual percentage yield, compounding interest, etc and employ a money market calculator to estimate the estimated value of the account over a given time period. Utilizing a money market calculator will allow you to efficiently manage your account and also plan for the future based on the estimated funds available at a future date.

Many online websites offer free money market calculators for individuals to use and these simple tools can successfully assist you plan your future and manage, track, and estimate your expected savings targets.

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