A penny saved is a penny earned, but a penny saved today is a penny potentially earning more. Use this calculator to determine how much more you could accumulate at retirement by beginning your savings plan today rather than waiting.
Roth IRA is a great way for clients to create tax-free income from their retirement assets. Yet, keep in mind that when you convert your taxable retirement assets into a Roth IRA you will generally pay ordinary income tax on the taxable amount that is converted. The conversion amount is not subject to the 10% early distribution penalty. Your tax-free potential is maximized if you pay the taxes from your current income or personal savings and not from your IRA. Individuals of all income levels are eligible to convert to a Roth IRA.
Many factors can affect your eligibility and contribution limits to either the Traditional IRA or Roth IRA — tax filing status, your current earned income level and whether or not you participate in a retirement plan at work. Use this calculator to help you determine whether or not you are eligible to contribute to both the Traditional IRA and Roth IRA and the maximum amount that may be contributed.