Retirement
Retirement Saving
Planning for retirement is one of the most important, and most overlooked, financial tasks facing families and individuals today. This pre-retirement module will help you determine how well you have prepared, and what you can do to improve your retirement outlook. It is important that you re-evaluate your preparedness on an ongoing basis. Changes in economic climate, inflation, achievable returns, and in your personal situation will impact your plan.
IRA Eligibility
Many factors can affect your eligibility to contribute to an Individual Retirement Account (IRA) — including your marital status, availability of a retirement plan at work, current and future tax rates, investment returns, when you will withdraw the money, and how you will use the money. This calculator compares features, eligibility requirements, and future values of both the Traditional IRA and the new Roth IRA, and it is designed to help you determine whether you are eligible to contribute to these retirement savings vehicles.
Roth IRA Conversion
If you expect your adjusted gross income (AGI) to be $100,000 or less and you and your spouse do not file separate income tax returns, you may be eligible to convert your Traditional IRA to a Roth IRA. The decision to convert may rest on whether you are willing to pay the taxes now in return for potentially receiving more after-tax income when you withdraw money from the IRA later. This calculator is designed to help you estimate what your Traditional IRA might be worth if you convert to a Roth IRA and pay the taxes due on conversion from your personal assets.
Impact of Inflation
Inflation can have a dramatic affect on purchasing power. For example, if your current income is $50,000 per year and you assume a 4.0% inflation figure, in 30 years you would need the equivalent of $162,170 to maintain the same standard of living! Use this calculator to analyze the impact of inflation on any future needs you might have.
Cost of Waiting
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