Simple Savings Calculator, Savings Account Calculator
Use this FREE SIMPLE savings calculator to see how saving over time can really add up.
If you are looking simply for a savings account interest calculator go here.
What is a SIMPLE IRA?
According to Wikipedia, a SIMPLE IRA is a type of tax-advantaged employer-provided retirement plan in the United States that allows employees to set aside money and invest it to grow for later use.
Specifically, the SIMPLE retirement plan is a type of Individual Retirement Account that is set up to be an employer-provided plan. It is an employer sponsored plan, like more well-known plans such as the 401(k) (profit-sharing plans) and 403(b) (Tax Sheltered Annuity plans), but offers simpler and less costly administration rules.
At a previous employment of mine, my employer matched up to 3% of my own contributions. My SIMPLE plan was with American Funds.
In many cases a SIMPLE IRA is used as a self employed retirement plan or a small business retirement plan.
One of the coolest things about my SIMPLE IRA retirement plan was that once I had made my contributions and my small business employer had mad his contributions, my employer had no control over that money. It was mine to with as I pleased.
As of 2010, here are the contribution limits.
|Contribution Limits || || |
|Year||Under Age 50||Age 50 or Older|
|2005||$10,000 ||$12,000 |
|2006||$10,000 ||$12,500 |
|2007||$10,500 ||$13,000 |
|2008||$10,500 ||$13,000 |
|2009||$11,500 ||$14,000 |
|2010||$11,500 ||$14,000 |
SIMPLE Savings Calculator Steps
- Step 1-Click on "Click to Edit" in the upper right hand side of the calculator.
- Step 2-Enter an initial deposit amount or starting balance.
- Step 3-Enter a regular deposit amount.
- Step 4-Enter your employer's matching contribution. This assumes your employer contributes at the same time you do. By law an employer only has to match by April 15 of the following year.
- Step 5-Enter the number of regular deposits per year.
- Step 6-Enter the expected interest rate for the account.
A couple of notes about the calculator:
- The maximum savings period is set at 50 years.
- If you happen to find any errors please let me know.
- If you have an idea of another similar calculator or you would like to see this one capable of something else, please let me know.
Reset the SIMPLE Savings Calculator
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