Join/Renew for Just $16 A Year
- Discounts on travel and everyday savings
- Subscription to AARP The Magazine
- Free membership for your spouse or partner
Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Please select either in sole proprietorship or corporation. The calculations for your contributions are slightly different depending on the business type.
For sole proprietors, this is your net income from your tax Schedule C or C-EZ. For single owner corporations with no employees other than yourself or your spouse, this is your w-2 wages.
Your current age. For SIMPLE and Individual 401(k) plans you are able to make additional contributions, known as "Catchup Contributions" if you are age 50 or older by the end of the year. Individual 401(k) plans allow for an additional $5,500 while SIMPLE IRAs allow for an additional $2,500 contribution.
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