Account Setup
Configure your IRA type and contributions
2024 limit: $7,000 (under 50) or $8,000 (50+)
Age & Timeline
Set your current and retirement age
Investment Assumptions
Expected returns and tax rates
IRA Growth Projection
Visual representation of your IRA growth
Traditional vs Roth Comparison
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
2024 IRA Contribution Limits
Maximum annual contribution amounts
Under Age 50
$7,000
Maximum annual contribution
Age 50 or Older
$8,000
Includes $1,000 catch-up
IRA Savings Milestones
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
What if I contributed more?
See how increasing contributions affects your retirement savings
Personalized Insights
3 insights based on your inputs
Maxing Out Contributions
You're contributing the maximum allowed ($7,000). Consider also contributing to a 401(k) if available.
Time is on Your Side
With 35 years to retirement, compound growth will multiply your contributions significantly. $255,000 becomes $1,165,677.
IRA Millionaire Track
At this pace, you'll have $1,165,677 by retirement! Remember to diversify your investments.
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Frequently Asked Questions
What is an IRA?
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).
What are the 2024 IRA contribution limits?
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.
Traditional vs Roth IRA: Which is better?
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.
When can I withdraw from my IRA?
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.
What is the IRA income limit for Roth?
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.
How this works
Calculations are run entirely in your browser. No inputs are sent to our servers and no account is required. Formulas follow standard US definitions from the IRS and the CFPB where applicable; international users should confirm local tax and regulatory rules apply.
What this tool can’t do
When to consult a professional
This is a software engineering tool, not financial advice. Run the math here, then take the result to a certified financial planner, CPA, or your bank before making a decision that materially affects your money.
Sources
- [1]Consumer Financial Protection Bureau (CFPB)Official sourceconsumerfinance.govAccessed Apr 21, 2026
US consumer finance regulator; authoritative on mortgage disclosures, APR rules, credit cards.
Full-stack software engineer specializing in embedded systems, web architecture, and AI/ML. Founder of Practical Web Tools. Built the gesture-controlled drone IP acquired by KD Interactive (Aura Drone, sold on Amazon).