Traditional IRA Deposit Calculator
If you save $50,000.00
in your regular IRA, this amount will be worth $36,000.00
after paying taxes, assuming you are in a 28.00%
tax bracket when you retire. To save this amount, you must
deposit $1,971.04
in your IRA account each year for 15 years.
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.
Presented by
online financial calculators
for
Berkshire Bank
Powered by TValue ©1998-2006
These financial calculators provide approximate calculations
based on the information entered. The results are not intended
for, nor will they be used in determining any criteria for
any product or service offered by Berkshire Bank.
|
| member: 
|
