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A Roth IRA allows an individual to save up to $4000 annually towards retirement and gain tax free earnings. The money placed in the Roth IRA would have to be money available to a person after paying taxes. The movey would be available tax free after the individual reaches 59.5 years. Talk to an investment advisor or tax accountant about the benefits of a Roth IRA. This calculator will show the benefits of compounded returns in a tax free Roth IRA. Enter the annual expected return and the initial investment. For example to find out how much a $20,000 initial investment would be worth after forty years at 8% annual growth, enter the appropriate numbers below to see how much money would be available tax free at retirement.
This calculator could also be used to estimate the amount of money saved with interest or it could be used to calculate student loan amounts over several years. For example, would it be better to pay off your student loans quickly or consolidate to a lower amount for 30 years?
Examples:
Student Loan Interest
$100,000 loan growing at 6% interest for 10 years, the average
length of a student loan, will grow to $179,084 in debt.
Roth Ira
$4,000 initial investment at age 18 at 9% growth for 30 years
will become $53,070.
IRS
information about the Roth IRA
Copyright 1997-2006 Joseph K. Sunny, Jr. All rights reserved. For licensing options, please contact me at the e-mail address provided. Webpages on this site are for educational purposes only, please consult a professional in the field of interest, a physician or a stock broker. By using this site, you are agreeing to our Terms and Conditions. Privacy Policy.
About the site and its author: Joseph K. Sunny, Jr., M.D. Most of the pages are created from my reading or clinical experience.
Contact me at joesunny@gmail.com
if you have any suggestions or questions.
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