Traditional IRA Deposit Calculator

How much can you save in a tax deferred IRA? Enter the following information to compute how much you would need to deposit in your IRA in order to achieve a desired goal.

In a regular IRA you must pay taxes when you withdraw your funds. Enter your desired goal amount after taxes and the calculator automatically computes how much you need to save before taxes.

Desired goal amount: $
Goal amount is:
Tax rate (when you retire): %
Number of years to save:
Rate of return: %

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
TimeValue Software
online financial calculators
for
Florida Credit Union

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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 guaranteed by Florida Credit Union.