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This calculator computes the total IRA account savings at retirement and the monthly income produced by those savings based on a certain life expectancy for up to three retirement accounts. It also computes these two amounts in today's dollars (present value).
Example
If your client's current IRA has $100,000, and he contributes $4,000 per year for 10 years, how much will he have for retirement?
Field | Input |
---|---|
Current balance of IRA | $100,000 |
Annual contribution | $4,000 |
Pre-retirement annual rate of return | 8% |
Post-retirement annual rate of return | 6% |
Current age | 49 |
Gender | Male |
Retirement age | 59 |
Inflation rate | 3% |
In this example, your client would have $273,838.75 in IRA savings at retirement, producing a monthly income of $1,951.81. The present value of these amounts are $203,761.75 and $1,452.33.
Note: The inflation rate was used to produce the present values.
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