With the new changes in contributions to IRA's, does anyone know of a site(s) that has a calcultor appropriate to calculate the long term benefits of contributing? Thanks, LnJM002
I don't know of such a calculator. However, the calculations depend a great deal on what your tax rate is now, what it will be in retirement and what you do with the funds if not invested in a Roth.Bottom line is, if you found such a calculator, you wouldn't want to trust the recommendations from it unless you clearly understood what assumptions have been made.You are best off to make your own analysis--in a spreadsheet program--based on the investments available to you, your exectations for them, and your estimates of tax rates in the future. Then at least you know what assumptions were made in reaching those conclusions.
I found a calculator at Quicken.com that might be what I'm after.I am open to any other suggestions.Thank you for the information
I am open to any other suggestions.There are a lot of calculators out there. TD Waterhouse has a very involved one you might check out.http://www.tdwaterhouse.com/planning/retirement_center/iras/index.html
This calculator considers both maximum allowable contributions and what to do with the taxes.http://personal100.fidelity.com/retirement/getstart/netira/netiraintro.shtml.tvsrHappy number crunching!-- Linda
With the new changes in contributions to IRA's, does anyone know of a site(s) that has a calcultor appropriate to calculate the long term benefits of contributing?It would be very good, but I do not know any calculator that "knows" the last year's law that increases retirement account contribution limits. It would be very good to have an option "maximum allowable by law" as an answer to the question "How much are you going to contribute each year". Being able to fill in different contributions for future years or ranges of years would also be good.Even though Quicken's Retirement Planner does not even let you input more than $2,000 IRA contribution, I like it because it is very demonstrative - it is very easy to change the initial data and see how results change. http://www.quicken.com/retirement/planner/Also, Morningstar's Asset Allocator, Portfolio and other tools illustrate things very well.
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