Calculators

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Calculators > Qualified Plans

When you reach retirement, and if your company provides a pension program, you will be offered a number of payout options. Typically, they will be the Single Life and the Joint Survivor payout options.
Compensation for a self-employed individual (sole proprietor or partner) is that person's earned income. The starting point to determine the individual's earned income is the net profit amount from the Schedule C (or Schedule K-1 for a partnership).
Many factors can affect your eligibility and contribution limits to either the Traditional IRA or Roth IRA - tax filing status, your current earned income level and whether or not you participate in a retirement plan at work.
Current tax law specifies that once you reach age 70 1/2, you must begin taking RMDs annually from your IRAs and other retirement plans. Generally, the RMD amount is determined based on your prior year's IRA balance of all of your IRA assets divided by your life expectancy.
Current tax law specifies that once you reach age 70 1/2 you must begin making taxable withdrawals from your Traditional IRAs and many other retirement plans. These minimum distributions are calculated annually based on your age, account balance at the end of the previous year, marital status and spouse's age.
Many employees are not taking full advantage of their employer's matching contributions. If, for example, your contribution percentage is so high that you obtain the $18,500 (year 2018) limit or $24,500 (year 2018) limit for those 50 years or older in the first few months of the year then you have probably maximized your contribution but minimized your employer's matching contribution.