Use the interactive calculator to calculate your maximum annual retirement contribution based on your income. Simply enter your name, age and income and click "Calculate."
The result will be a comparison showing the annual retirement contribution that would be permitted based on your income in a SEP IRA, Individual 401k, Defined Benefit Plan or SIMPLE IRA. When inputting your annual income, use NET income if you are taxed as a sole proprietorship or W-2 wages if you are incorporated.
Maybe. Consider a defined benefit plan as an alternative to a SEP IRA if you would like to contribute more than the 2020 SEP IRA limit of $57,000. Contributions to a defined benefit plan are dependent on an individual’s age and income, but can potentially be $60,000 to $200,000 or more a year. We provide more information about them on our website www.definedbenefitplan.com.