Calculate your Individual Retirement Account growth. Compare Traditional and Roth IRA options and plan your retirement savings strategy.
Future Value
$1,165,677
Total Earnings
$910,677
Tax-advantaged growth
Configure your IRA type and contributions
2024 limit: $7,000 (under 50) or $8,000 (50+)
Set your current and retirement age
Expected returns and tax rates
Visual representation of your IRA growth
Key differences between IRA types
| Feature | Traditional IRA | Roth IRA |
|---|---|---|
| Tax Deduction Now | Yes | No |
| Tax-Free Withdrawals | No | Yes |
| Required Min Distributions | Age 73 | None |
| Income Limits | None* | Yes |
| Best For | Higher tax bracket now | Lower tax bracket now |
*Deductibility may be limited if covered by employer plan
Maximum annual contribution amounts
Under Age 50
$7,000
Maximum annual contribution
Age 50 or Older
$8,000
Includes $1,000 catch-up
0.0% complete
$0
of $1,000,000
$100K
$100,000
$250K
$250,000
$500K
$500,000
$1M+
$1,000,000
$100,000 to $100K
$100,000
Next milestone
$100K
$100,000
$250K
$250,000
$500K
$500,000
$1M+
$1,000,000
See how increasing contributions affects your retirement savings
3 insights based on your inputs
You're contributing the maximum allowed ($7,000). Consider also contributing to a 401(k) if available.
With 35 years to retirement, compound growth will multiply your contributions significantly. $255,000 becomes $1,165,677.
At this pace, you'll have $1,165,677 by retirement! Remember to diversify your investments.
Explore other tools that might help
IRA contribution limit for 2024 is 7,000 (8,000 if 50+). Traditional IRA offers tax deduction now, taxed at withdrawal. Roth IRA uses after-tax money but grows tax-free. Use our calculator to project growth and compare options.
An Individual Retirement Account (IRA) is a tax-advantaged savings account designed for retirement. There are two main types: Traditional IRA (tax-deductible contributions, taxed withdrawals) and Roth IRA (after-tax contributions, tax-free withdrawals).
For 2024, you can contribute up to $7,000 to an IRA if you're under 50, or $8,000 if you're 50 or older (catch-up contribution). These limits apply to the total of all your Traditional and Roth IRA contributions combined.
Choose Traditional if you expect lower taxes in retirement or need the current tax deduction. Choose Roth if you expect higher taxes in retirement or want tax-free withdrawals. Roth is often better for younger investors in lower tax brackets.
You can withdraw penalty-free from Traditional IRAs at age 59½. Roth IRA contributions can be withdrawn anytime; earnings are penalty-free after 59½ if the account is 5+ years old. Early withdrawals may face 10% penalty plus taxes.
For 2024, Roth IRA contribution eligibility phases out between $146,000-$161,000 (single) or $230,000-$240,000 (married filing jointly). Above these limits, consider a "backdoor Roth" conversion.
Future Value
$1,165,677
Total Earnings
$910,677
Tax-advantaged growth