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You will save $49,872.62
over 15 years. If you are in a 28.00%
tax bracket when you retire, this will be worth $35,908.29
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 is for
illustrative purposes only. The information entered may vary from your actual
loan, mortgage, investment, or savings results. Interest rates are hypothetical
and are not meant to represent any specific investment. Rates of return will
vary over time, particularly for long-term investments. The calculated results
are not guaranteed to be accurate and are in no way endorsed, offered or
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