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INSIDE MONEY: FAMILY FINANCESFINANCIAL CALCULATORSSALARY SURVEYLEGAL ADVICE

Favored retirement accounts can help your money grow faster

Plan Eligibility Tax deferred?
401 (K) Employees with typically one year of service at companies that offer the plan.  Maximum annual savings: $10,000 or plan limit.  Yes
403(b) Employees of non-profit organizations such as schools and hospitals. Maximum annual savings: $10,000 or plan limit.  Yes
Keogh Self-employed individuals.  Maximum annual savings: 25% of net income or $30,000. Yes
SEP-IRA Self employed individuals.  Maximum annual savings: 15% of net income or $30,000. Yes
Simple IRA Self employed individuals.  Maximum annual savings: $6,000 plus match of 3% of income. Yes
Roth IRA Couples earning less than $160,000; singles earning under $110,000.  Maximum annual savings: $2,000 per individual.  No
Traditional IRA Workers not covered by employer plan; married earning less than $61,000 or single earning less than $41,000; or married, one spouse covered by employer, joint income under $160,000.  Maximum annual savings: $2,000 per individual. Yes
Nondeductible IRA Individual with earned income.  Maximum annual savings: $2,000 per individual.  No

Use the retirement calculators to determine how much you can savewith these accounts


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