IRA Calculator Online Free Tool
IRA Calculator
IRA Parameters
2025 limit: $7,000 (under 50) / $8,000 (50+)
Results at Age 65
| Traditional, SIMPLE, or SEP IRATraditional IRA | Roth IRA | Regular Taxable SavingsTaxable | |
|---|---|---|---|
| Balance at age 65 | $0 | $0 | $0 |
| Balance at age 65 (after tax) | $0 | $0 | $0 |
Balance Accumulation Graph
Annual Schedule
| Age | Traditional/SIMPLE/SEP IRA (Before Tax)Trad. IRA (Before Tax) | Traditional/SIMPLE/SEP IRA (After Tax)Trad. IRA (After Tax) | Roth IRA (After Tax) | Regular Taxable Savings (After Tax)Taxable (After Tax) | ||||
|---|---|---|---|---|---|---|---|---|
| Start | End | Start | End | Start | End | Start | End | |
The IRA calculator shows how your Individual Retirement Account grows over time based on annual contributions, expected return, and years to retirement. It covers both Traditional and Roth IRA scenarios so you can compare the long-term value of each.
2024 IRA Contribution Limits
| Age | Annual Limit | Catch-Up (50+) | Total Allowed |
|---|---|---|---|
| Under 50 | $7,000 | N/A | $7,000 |
| 50 and older | $7,000 | $1,000 | $8,000 |
Traditional IRA vs. Roth IRA
| Feature | Traditional IRA | Roth IRA |
|---|---|---|
| Tax treatment of contributions | Pre-tax (deductible) | After-tax (not deductible) |
| Tax treatment of withdrawals | Taxed as ordinary income | Tax-free |
| Required minimum distributions | Yes, starting at age 73 | No RMDs during owner's lifetime |
| Income limits for contributions | No limit (deductibility has limits) | Phase-out begins at $146,000 single, $230,000 married (2024) |
| Early withdrawal penalty | 10% + tax before 59.5 | 10% on earnings before 59.5 |
Growth of $7,000/Year at Different Return Rates
| Years | 5% Return | 7% Return | 9% Return |
|---|---|---|---|
| 10 years | $91,000 | $100,000 | $110,000 |
| 20 years | $240,000 | $303,000 | $385,000 |
| 30 years | $481,000 | $689,000 | $995,000 |
| 40 years | $871,000 | $1,406,000 | $2,292,000 |
IRA Income Limits and Deductibility
Anyone with earned income can contribute to a Traditional IRA, but the deduction phases out if you or your spouse have a workplace retirement plan and earn above certain thresholds. For 2024: single filers with workplace plans can fully deduct below $77,000 income, partially deduct up to $87,000. Roth IRA contributions phase out between $146,000 and $161,000 for single filers.
Frequently Asked Questions
What is the IRA contribution limit for 2024?⌄
$7,000 per year if you are under 50. $8,000 if you are 50 or older. You can contribute to both a Traditional and Roth IRA, but the combined total cannot exceed the annual limit. You must have earned income at least equal to your contribution.
Is a Traditional IRA or Roth IRA better?⌄
Traditional IRA is better if you expect your tax rate in retirement to be lower than it is now — you get the deduction now when rates are higher. Roth IRA is better if you expect your tax rate in retirement to be higher — you pay tax now at a lower rate and withdraw tax-free later. When uncertain, split contributions between both.
Can I contribute to an IRA if I have a 401(k)?⌄
Yes. You can contribute to both a 401(k) and an IRA in the same year. The IRA contribution limit is separate from the 401(k) limit. However, your ability to deduct Traditional IRA contributions phases out at higher incomes if you also have a workplace retirement plan.
When can I withdraw from my IRA without penalty?⌄
At age 59.5, you can withdraw from any IRA without the 10% early withdrawal penalty. Traditional IRA withdrawals are always taxed as income. Roth IRA contributions (not earnings) can be withdrawn at any time penalty-free. Earnings require the account to be at least 5 years old and you to be 59.5.
What is a spousal IRA?⌄
A spousal IRA allows a non-working or low-earning spouse to contribute to an IRA based on the working spouse's earned income. The couple must file jointly. Each spouse can contribute up to the annual limit. This doubles the household's IRA contribution capacity.