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Traditional or Roth IRA
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The
cost of waiting
Every day you delay opening your IRA (Individual
Retirement Annuity) could mean a great deal less money for your
retirement. For example, compare the results of an IRA contribution
established just a few months apart. What a difference a few weeks make
when annual premiums are paid on January 1, May1, or September 1!
The cost of waiting on an IRA with 5.7 percent interest*
| Years to
Retirement |
January
1 |
May 1 |
September
1 |
| 40 |
$303,500 |
$297,944 |
$292,489 |
| 30 |
158,562 |
155,659 |
152,809 |
| 20 |
75,303 |
73,924 |
72,571 |
| 10 |
27,475 |
26,972 |
26,478 |
| 1 |
2,114 |
2,075 |
2,037 |
At a 5.7 percent interest rate, If you plan to retire in just 10 years,
your IRA will be worth $997 more ($27,475-$26,478) if you contribute every
January first instead of waiting until September. By making your IRA
contribution at the beginning of every year for 40 years, you’ll have
$11,011 more ($303,500-$292,489) than if you wait eight months until
September each year.
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