Optimizing retirement for high-income entrepreneurs.
Dr. Sharma, while earning a high income ($350,000 AGI), felt overwhelmed by her $280,000 student loan burden and the complexities of funding her 401(k) alongside a backdoor Roth IRA. She lacked a clear understanding of how her current savings strategy would translate into a comfortable retirement, especially given the uncertainties of owning a small medical practice and future tax implications.
Using the 401(k) Calculator, Dr. Sharma modeled different contribution scenarios, factoring in her current max contributions, estimated investment returns, and potential practice growth. The calculator revealed that maintaining her current savings rate, with a projected 7% average annual return, could potentially grow her 401(k) to over $2.3 million by age 65, significantly exceeding her initial retirement income goals. This allowed her to focus on other financial goals, such as aggressively paying down her student loans.
The 401(k) Calculator was used to model different contribution rates and investment return scenarios over a 30-year period, providing a visual representation of Dr. Sharma's potential retirement nest egg. This output was paired with future cash flow projections for her practice.
$450,000 projected increase in retirement savings through strategic contribution planning.
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