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The purpose of the Individual 401(k) Savings Calculator is to help people who are self-employed recognize the benefits of investing in this type of retirement account. To use this investment tool you will need to enter your self-employment income, your current age, the current balance in your retirement account, the amount of money that you normally contribute to your retirement account, the age you will be when you retire and your annual rate or return. This calculator will take all of this information into consideration and graph your potential earnings and returns for your 401(k) over its lifetime.
There are many advantages to investing in a 401(k) retirement account, especially is you are self-employed. First of all this account allows you to make larger contributions each year than a lot of the other retirement savings plans do. Next the contributions to a 401(k) are tax deferred. This means that you won't have to pay taxes on the money that you are saving for retirement until you withdraw the money from your 401(k) account.