IRA Calculator — Traditional & Roth IRA Growth
Calculate how much your IRA will grow over time. Compare Traditional and Roth IRA projections with our free retirement calculator.
What is IRA Calculator?
An IRA (Individual Retirement Account) is a tax-advantaged account for retirement savings. There are two main types:
Traditional IRA: Contributions may be tax-deductible. You pay taxes on withdrawals in retirement.
Roth IRA: Contributions are made with after-tax dollars, but withdrawals in retirement are tax-free.
For 2024, the annual contribution limit is $7,000 ($8,000 if you're 50 or older).
How to Use
- Enter your current age and retirement age
- Enter your current IRA balance
- Enter your planned annual contribution
- Set your expected annual return
- Click Calculate
Examples
Example
Age 30, $10,000 balance, $6,500/year, 7% return, retiring at 65 = approximately $857,000.
FAQ
What is the IRA contribution limit?
For 2024: $7,000 per year ($8,000 if you're 50 or older). This limit applies to all your IRAs combined.
Traditional or Roth IRA?
If you expect to be in a higher tax bracket in retirement, choose Roth. If you need the tax deduction now, choose Traditional.
Can I have both a 401(k) and IRA?
Yes! You can contribute to both. However, if you have a 401(k), your Traditional IRA deduction may be limited based on income.
Related
Disclaimer: Results are estimates. Consult a professional for important decisions.