IRA Calculator
Project the growth of your Traditional or Roth IRA by retirement.
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Your current IRA balance
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2024 IRA limit: $7,000 ($8,000 if age 50+)
Common questions
What is the IRA contribution limit for 2024?
$7,000 per year ($8,000 if age 50 or older). This is a combined limit across all your IRAs (Traditional + Roth combined). You can split contributions between them, but the total can't exceed $7,000.
Who can contribute to a Roth IRA?
Single filers: full contribution up to $146,000 income, phase-out at $161,000, no contribution above. Married filing jointly: phase-out at $230,000, no contribution above $240,000 in 2024. If you earn too much, consider the "backdoor Roth" strategy.
Traditional vs Roth IRA — simple decision rule?
If you expect to be in a LOWER tax bracket in retirement → Traditional IRA (pay less tax later). If you expect to be in a HIGHER bracket in retirement → Roth IRA (pay less tax now). If uncertain → Roth (tax diversification, no RMDs, more flexibility).
Can I contribute to both a 401(k) and an IRA?
Yes, but Traditional IRA deductibility phases out if you also have a workplace retirement plan. At $84,000 income (single) or $136,000 (married), Traditional IRA contributions are not deductible. Roth IRA eligibility has separate income limits and is not affected by 401(k) participation.
What are Required Minimum Distributions (RMDs)?
Traditional IRAs require mandatory withdrawals starting at age 73 (as of 2023). Roth IRAs have NO RMDs — you can leave the money indefinitely, even pass it to heirs. This makes Roth IRAs superior for estate planning.