 TITLE: Step-by-Step Checklist to Opening an IRA CONTENT: Determine How Much You Can Contribute Each Month\n------------------------------------------------\nTo calculate your monthly contribution to your IRA, answer these questions:\n*   **How much do I need to save for retirement?**\n    *   Experts recommend putting at least 15% of your gross income into retirement savings, but you may need to save more depending on your desired retirement age and lifestyle.\n    *   Investment firms including Charles Schwab, Fidelity, T. Rowe Price and Vanguard have online calculators you can use to estimate retirement needs.\n*   **How much can I afford to contribute?**\n    *   Create a budget that allows for a monthly IRA contribution.\n    *   Fund an IRA as early as you can. Starting your IRA just a few years earlier can make a big difference at retirement. If you put the maximum amount ($6,000 annually for 2020) into a traditional IRA starting at age 25, at 65 you would have $1,308,545. If you waited until age 35 to start contributing the maximum, at age 65 you'd have $633,326.\n    *   Use the AARP IRA Calculator to project your potential IRA returns.\n*   **What is the plan's annual contribution limit?**\n    *   Aim to make the maximum allowable annual contribution to your IRA.\n    *   You can contribute to an IRA up to April 15 for the previous tax year. END