A Roth IRA is one of a handful of IRAs used as a mechanism to save for...

A Roth IRA is one of a handful of IRAs used as a mechanism to save for retirement. Retirement planning should begin as early as possible, and while it isn't necessary to micromanage your funds, it is recommended that you keep a check on your retirement plans. It may be necessary to adjust those plans from time to time to maximize your retirement potential.

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One of the tools available to help in your retirement planning is utilizing a Roth IRA calculator. Your investment team probably carries around a Roth IRA calculator in their pocket in the event a Roth IRA calculation crisis breaks out.

The Roth IRA calculator allows the user to put in certain criteria that include the fund starting balance, current age, anticipated rate of return, annual contribution, age at retirement and marginal tax rate. The marginal tax rate is the rate that applies to the last tax dollar of the tax base (taxable income or spending) and is applied to the change in ones tax obligation as income rises.

Here is an example of Roth savings using a basic Roth Ira calculator. If you start contributing to a Roth IRA when you are 25 years old, start with zero dollars but contribute $5,000 per year, retire at age 65, expect a rate of return of 5% with a marginal tax rate of 25%, you can expect to have a Roth balance of $634,199 at the time of retirement. If you use the same criteria and use an expected rate of return of 8%, you will have $1,398,905 at retirement. I did those two calculations in about 2 minutes using a Roth IRA calculator. You see, using a Roth calculator is quick and easy. Keep in mind that results from a Roth IRA calculator are approximate. They are reliable enough to base your retirement plans on but they are not exact numbers. They do not take into account variables such as a decline in the economy or a period of unemployment when no contribution is made. It also doesn't take into account an allowed catch up year or fluctuating interest rates.

There are other Roth IRA calculators that include more detailed information. These calculators will help you determine if rolling an IRA into a Roth IRA is beneficial to you. The results will show the detail if you have a Traditional IRA, a Roth IRA and tax paid on a roll over. Again, the results are for planning purposes only and not to be considered exact numbers.

Roth IRA calculators can be found on the web pages of any Roth IRA provider. That includes banks, financial professionals, and investment firms anyone that provides or deals in retirement accounts. Your financial professional can set up an electronic download for your personal computer that will allow you to run different scenarios from time to time. Utilizing a Roth IRA calculator will help you make adjustments in your contributions and allocation of investment.

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Posted in Moving and Relocating Post Date 01/04/2016






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