Retirement Account Types
- 401(k): Employer-sponsored plan with potential matching contributions. 2023 contribution limit: $22,500 ($30,000 if 50+).
- Traditional IRA: Tax-deductible contributions, taxed at withdrawal. 2023 limit: $6,500 ($7,500 if 50+).
- Roth IRA: After-tax contributions, tax-free withdrawals. Income limits apply.
- SEP IRA: For self-employed individuals, higher contribution limits.
Tax Considerations
Traditional Accounts (401k, Traditional IRA): Contributions reduce taxable income now, but withdrawals are taxed as ordinary income.
Roth Accounts: No tax deduction now, but qualified withdrawals are tax-free.
Taxable Accounts: Capital gains tax applies (0%, 15%, or 20% depending on income).
Compound growth is calculated using the formula:
FV = P × (1 + r/n)^(n×t) + C × [((1 + r/n)^(n×t) - 1) / (r/n)]
Where:
- FV = Future Value
- P = Initial investment
- C = Recurring contribution
- r = Annual interest rate (in decimal)
- n = Number of compounding periods per year
- t = Time in years