IRA Calculator

IRA Details

IRA Type

Current Age

Retirement Age

Current Balance ($)

Annual Contribution ($)

Expected Annual Return (%)

Current Tax Bracket (%)

IRA Analysis

Projected Balance

$0

At retirement

Total Contributions

$0

Investment Earnings

$0

Tax Savings

$0

From deductible contributions

Understanding IRAs

Traditional IRA vs. Roth IRA

Traditional IRA

Tax-deductible contributions
Tax-deferred growth
Taxable withdrawals in retirement
Required Minimum Distributions at age 73

Roth IRA

After-tax contributions
Tax-free growth
Tax-free qualified withdrawals
No Required Minimum Distributions

2024 Contribution Limits

Under age 50: $7,000
Age 50 or older: $8,000
Income limits apply for Roth IRA contributions
Deduction limits apply for Traditional IRA if covered by workplace plan

Investment Considerations

Start early to maximize compound growth
Consider your current and future tax brackets
Diversify investments within your IRA
Review and rebalance your portfolio regularly
Consider professional advice for optimal strategy