SEP IRA

Posts Tagged ‘simple ira calculator’

Question: Can a person make maximum contributions to a SIMPLE IRA and a 401k in the same year?

The person works for two employers, one has a 401k, the other has a SIMPLE IRA.

Answer: There is a maximum you can contribute to your 401(k) and a maximum you can contribute to an IRA. The two have separate limits and one does not affect the other.

Also, if you are contributing to a 401(k) it is generally a good idea to contribute to a Roth IRA as opposed to a traditional IRA unless you need the immediate tax write off.

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Question: very basic roth ira question?

i am 25 and just opened up a roth ira account. i just did an online roth calculator thing and it told me i would have some insanly high $ amount when i retire i do nt believe it….

so lets use simple numbers.

lets say i invest 2k a yr in this roth not a penny more nor less untill i 65 that is 40 yrs with an average return what is the average return anyways?

how much will i have when i retire @ 65?

the site i used told me i would have like 1.6 million that cant b right
2k times 40 yrs is only 80k right so im confusded

how much would i have when i reitre?
and what is the average return?
thanks much

Answer: through the magic of compound interest. stay disciplined keep your investment focus and it will grow quickly. also consider your company’s 401k if they have one. many companies match up to a specific amount – this is more free money for your retirement. it is pre-tax and also lowers your taxable income (tax deferred)

congratulations!

USNERDOC EDC Contest Entry July 2010