Use this calculator to compute the amount you can save in a tax-deferred Traditional IRA. Contributions to your Traditional IRA are usually tax deductible now, but you pay taxes when you withdraw the funds in retirement.
Annual deposit amount
Number of years to save
Rate of return
Income tax rate(when you retire)
Show amortization schedule
You will save $148,268.75 over 20 years. If you are in a 28.000 % tax bracket when you retire, this will be worth $106,753.50 after paying taxes.
If you or your spouse retire prior to age 60, a 10% penalty will be incurred. The penalty adjusted savings amount would be $91,926.63.
Your actual qualifying contribution may differ significantly from the amounts listed above (for reasons such as income, filing status, employer benefits, and more). We strongly recommend that you consult your tax advisor before contributing to a retirement program.
This calculator uses annual compounding. Annual deposits start today and the final withdrawal amount is available one year after the last deposit.
Qualifying contributions are usually limited as follows
* Beginning in 2009, the contribution limit will adjust annually for inflation in $500 increments
If you are age 50 or over, you may qualify for an additional catch-up contribution as follows
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
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