How will contributing the maximum amount to your IRA affect you?

IRA contributions are limited to $5,500 in 2014 and may be indexed to inflation thereafter in increments of $500.

To illustrate the impact of this, a 25-year-old saving $2,000 a year—and earning an assumed 8% return—would accumulate about $518,000 by age 65. However, if that same individual contributed the maximum amount to an IRA and earned the same return, he or she would have nearly $1.4 million at age 65.*

How will contributing the maximum amount to your IRA affect you? Enter your information below, and see how your retirement savings may grow.

1. Current age:
 
2. Age at which you wish to retire:
 
3. Estimated annual rate of growth of the investments:

 
4. Current value of your retirement accounts (include balances in IRAs and qualified retirement plans):
  $
 
5. Current contributions to your IRA: $
 
6. The maximum contribution allowed in 2014: $
 
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*This is for illustration only and does not predict or guarantee the performance of any Wells Fargo Advantage Fund®.

The tools and calculators provided are for educational and illustrative purposes only. They are presented as a convenience and are not intended to provide financial advice. Please consult with a financial advisor regarding your unique situation.

Any tax or legal information in this website is merely a summary of our understanding and interpretations of some of the current income tax regulations and is not exhaustive. Investors should consult their tax advisor or legal counsel for advice and information concerning their particular situation. Wells Fargo Funds Management, LLC, Wells Fargo Funds Distributor, LLC, nor any of their representatives may give legal or tax advice.

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