LittleAfrica.Com Traditional IRA Savings Calculator

How much can you save in a tax deferred IRA? Enter the following information and find out how much money you could have when you retire. If you enter the tax rate you expect to be paying when you retire, you will also see how much money you could have after paying taxes when you withdraw the funds. Interest will be compounded annually.

Annual deposit amount:	$
Number of years to save:
Rate of return:		%
Tax rate (when you retire):		%

You will save $50,734.62 over 15 years. If you are in a 28.00% tax bracket when you retire, this will be worth $36,528.93 after paying taxes.

Qualifying contributions are usually limited as follows:

Year	Annual Contribution Limit
2002 through 2004	$3,000 per individual
2005 through 2007	$4,000 per individual
2008 onward*	$5,000 per individual

* 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:

Year	Additional Catch-Up Contribution
2002 through 2005	$500 per individual
2006 onward	$1,000 per individual

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.

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The information provided by these calculators are estimates based on the information entered and may vary from your actual loan, mortgage, investment or savings results. The calculated results are not guaranteed to be accurate and are in no way endorsed, offered or guaranteed by LittleAfrica.Com.