Balancing debt, practice, and retirement planning.
Dr. Sharma is juggling several competing financial priorities: a substantial $280,000 student loan balance, the financial demands of running a small medical practice, maxing out her 401(k) and Backdoor Roth IRA, and the desire to build a robust retirement nest egg. She is unsure how much she should contribute to a 403(b) given these other financial pressures, and wants to understand its potential impact on her long-term financial health.
By using the 403(b) Calculator, we can project Dr. Sharma's potential retirement savings based on different contribution levels. For example, if she contributes an additional $10,000 annually to a 403(b), projecting a 7% average annual return, the calculator estimates a potential retirement fund increase of over $500,000 in 20 years. This allows Dr. Sharma to visualize the impact of her contributions and make informed decisions.
The 403(b) Calculator provides a user-friendly interface to input current income, contribution amounts, estimated returns, and time horizon. This data is then used to calculate projected retirement savings, allowing for quick adjustments and scenario planning.
$300,000 in projected tax-advantaged retirement savings over 20 years, based on $10,000 annual contributions, plus improved peace of mind regarding long-term financial security.
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