Roth IRA Calculator
Calculate your tax-free retirement savings and compare Roth vs Traditional IRA to find the best strategy for you.
Results
Balance at Retirement
$0
at age 65 (tax-free)
0%
Growth
Total Contributions
Tax-Free Growth
Total Contributions
$0
Tax-Free Growth
$0
Taxes Saved (Roth)
$0
Years to Retirement
0
Roth IRA Growth Over Time
Roth vs Traditional IRA Comparison
Roth IRA
$0
After-Tax Value at Retirement
Gross Balance:
$0
Taxes on Withdrawal:
$0
Traditional IRA
$0
After-Tax Value at Retirement
Gross Balance:
$0
Taxes on Withdrawal:
$0
Roth IRA Advantage
$0
Based on your current and expected retirement tax brackets
Year-by-Year Growth
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Understanding Your Roth IRA
2024 Contribution Limits
$7,000
Standard IRA contribution limit. If you're 50 or older, you can contribute up to $8,000 with the $1,000 catch-up contribution.
Tax-Free Growth
All qualified withdrawals from a Roth IRA are 100% tax-free - including all investment earnings. This can save tens of thousands in taxes compared to Traditional IRAs, especially with decades of compound growth.
Withdrawal Rules
You can withdraw contributions anytime tax and penalty-free. For tax-free earnings withdrawal, the account must be 5+ years old and you must be 59.5+, disabled, or buying a first home (up to $10k).
Frequently Asked Questions
For 2024, you can contribute up to $7,000 to a Roth IRA if you're under 50. If you're 50 or older, you can contribute up to $8,000 thanks to the $1,000 catch-up contribution. These limits apply across all your IRAs - both Traditional and Roth combined. Income limits also apply: single filers must earn under $161,000 (phaseout starts at $146,000) and married filing jointly under $240,000 (phaseout starts at $230,000).
With a Roth IRA, you contribute after-tax dollars, but all qualified withdrawals in retirement are completely tax-free - including all investment growth. With a Traditional IRA, contributions may be tax-deductible, but you pay income tax on all withdrawals in retirement. Choose Roth if you expect higher taxes in retirement or want tax-free growth. Choose Traditional if you need the tax deduction now and expect lower taxes in retirement.
You can withdraw your Roth IRA contributions at any time tax-free and penalty-free since you already paid taxes on them. To withdraw earnings tax-free, the account must be at least 5 years old and you must be 59.5 or older, disabled, or using up to $10,000 for a first home purchase. Early withdrawal of earnings may incur a 10% penalty plus income taxes.