Kent Sutherland

Insurance Corporation

   

 

 

       
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Kent Sutherland

Insurance Corporation

 

 

Traditional or Roth IRA    Get a quote

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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