IRA Spend It or Save It Calculator

IRA Spend It or Save It Calculator

Should you spend your IRA or save it? For any reason, if you are going to spend your IRA before the planned retirement, use this calculator to find out the opportunity cost of such decision. This calculator is designed to inform you whether you should spend the IRA today or save it for the post-retirement phase.
Current age
Your age as on the day.
Age of retirement
The age when you will retire as per your plan.
Federal income tax rate
Rate of Federal Income Tax applicable on your tax filing status. Following table shows the rate as it was prevailing in 2013. Click here for current information and more.

Filing Status and Income Tax Rates 2013*
Tax Rate Married Filing Jointly or Qualified Widow(er) Single Head of Household Married Filing Separately
10% $0 - $17,850 $0 - $8,925 $0 - $12,750 $0 - $8,925
15% $17,850 - $72,500 $8,925 - $36,250 $12,750 - $48,600 $8,925 - $36,250
25% $72,500 - $146,400 $36,250 - $87,850 $48,600 - $125,450 $36,250 - $73,200
28% $146,400 - $223,050 $87,850 - $183,250 $125,450 - $203,150 $73,200 - $111,525
33% $223,050 - $398,350 $183,250 - $398,350 $203,150 - $398,350 $111,525 - $199,175
35% $398,350 - $450,000 $398,350 - $400,000 $398,350 - $425,000 $199,175 - $225,000
39.6% over $450,000 over $400,000 over $425,000 over $225,000
State income tax rate
Marginal tax rate charged by your state on your income.
Current IRA balance
Current amount available in the IRA plan.
Annual rate of return
Percentage rate by which you will earn returns from the IRA plan. This is what you anticipate to earn every year from this account.