Tax-Sheltered Annuity (TSA) Calculator

For school and nonprofit employees saving in a 403(b): compare an annuity contract with a mutual fund custodial account from the same contributions, including surrender charges. Next, open the free 401k calculator and enter your own details to see an estimate in seconds.

Enter your tax-sheltered annuity details

2026 IRS limits

Current age

yrs

Retirement age

yrs

Annual salary

Yearly raise

Current balance

Your contribution

% of pay

Employer match

Use 0 if your school or nonprofit adds nothing.

Match up to

% of pay

Investment return before costs

The same investments are assumed in both accounts, so only the costs differ.

Annuity contract, 403(b)(1)

Fund expenses

%/yr

Insurance (M&E) charge

%/yr

Surrender charge in year 1

Surrender period

yrs

The charge falls evenly to zero over this period.

Annual contract fee

Years the contract has been open

yrs

Mutual fund custodial account, 403(b)(7)

Fund expenses

%/yr

Annual account fee

More options

Inflation

Apply the 2026 IRS limitsDeferral limit with the age 50+ and 60 to 63 catch-ups, and the $72,000 total limit.

Your results

Custodial account at retirement

–

Annuity contract at retirement

–

Difference

–

Total contributions

–

Costs charged, annuity

–

Costs charged, custodial

–

Year-one numbers

Your contribution–

Employer contribution–

Your 2026 deferral limit–

Yearly cost rate, annuity vs custodial–

In today’s dollars, custodial account–

Long-serving employees may also qualify for the 403(b) 15-year catch-up, which is not included here.

Year-by-year comparison

The annuity’s cash value is what you would get after any surrender charge if you cashed out or moved the money at that year end.

Age	Contributions	Annuity value	Surrender charge	Annuity cash value	Custodial account

Results are estimates for educational purposes and are not financial, tax or legal advice.