IRA Calculator
Compare Traditional IRA vs Roth IRA growth and tax impact
Traditional IRA Results
About IRAs
An Individual Retirement Account (IRA) is a tax-advantaged savings vehicle for retirement. There are two main types with different tax treatments.
Traditional IRA
- Contributions may be tax-deductible depending on income and employer plan coverage
- Investment grows tax-deferred
- Withdrawals in retirement are taxed as ordinary income
- Required Minimum Distributions (RMDs) begin at age 73
Roth IRA
- Contributions are made with after-tax dollars (not deductible)
- Investment grows tax-free
- Qualified withdrawals in retirement are completely tax-free
- No RMDs during the owner's lifetime
- Contributions (not earnings) can be withdrawn anytime penalty-free
2024 IRA Contribution Limits
- Annual limit: $7,000 (under age 50)
- Catch-up: Additional $1,000 (age 50+), for a total of $8,000
Roth IRA Income Limits (2024)
- Single: Phase-out from $146,000 to $161,000
- Married Filing Jointly: Phase-out from $230,000 to $240,000
- Married Filing Separately: Phase-out from $0 to $10,000
Which Is Right for You?
Generally, if you expect to be in a higher tax bracket in retirement, a Roth IRA may be better. If you expect a lower tax bracket, a Traditional IRA may save more. Many people benefit from having both types for tax diversification.
About this Calculator
The IRA Calculator is a free, easy-to-use tool for Roth, traditional, retirement. Simply enter your values and get instant, accurate results — no signup, no ads, no tracking. All calculations run locally in your browser, so your data stays completely private.
Privacy Note: All calculations are performed locally in your browser. No data is ever sent to a server or third party.