| Current age: |
Your current age |
| Annual contribution: |
The amount you will contribute
to your a IRA each year. The maximum contribution is $2000
per year. Traditional IRA contributions can be tax deductible,
but require you to pay taxes on all interest earned when
you make withdrawals. A Roth IRA contribution is not tax
deductible, but all contributions and earnings are tax free
when you make withdrawals. |
| Expected rate
of return: |
The annual percent you expect
to earn on your investment. |
| Age of retirement: |
Age you desire to retire.
|
| Current tax
rate: |
The current marginal income
tax rate you expect to pay on your taxable investments.
|
| Retirement
tax rate: |
The marginal tax rate you
expect to pay on your investments at retirement. |
| Adjusted gross
income: |
Your adjusted gross income
from your taxes. This is used to calculate whether you are
able to deduct your annual contributions from your income
tax statement. |
| Married: |
Check the box if you are married.
This is used to determine whether you can deduct your annual
contributions from your taxes. |
| Employer plan: |
Check the box if you have
an employer sponsored retirement plan, such as a 401k or
pension. This is used to determine if you can deduct your
annual contributions from your taxes. |
| Total non-deductible
contributions: |
For a Traditional IRA, this
is the total amount of your contributions that were deposited
without a current year tax deduction. (Roth IRA contributions
are always non-deductible) |
| Total contributions: |
The total amount contributed
to your IRA. |
| IRA total after taxes: |
For the Roth IRA this is
the total value of the account. For the Traditional IRA
this the sum of two parts: 1) The value of the account after
you pay income taxes on all earnings and tax deductible
contributions and 2) what you would have earned if you had
invested (in a ordinary taxable account) any income tax
savings. |
