Project your Traditional IRA growth. See pre-tax savings, compound growth, required minimum distributions, and how it compares to Roth.
IRA Details
2024 limit: $7,000 ($8,000 if 50+)
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IRA Balance at Retirement
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After-Tax Value
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Total Contributions
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Investment Growth
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Tax Deduction Saved
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Years to Grow
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IRA Type
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Investment Period
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Total Contributions
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Investment Growth
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Gross Balance at Retirement
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Tax Owed at Withdrawal
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After-Tax Value
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Annual Tax Deduction Saved*
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*Traditional IRA contributions may be fully or partially deductible depending on income and workplace plan coverage.
FAQ
What is the difference between Traditional and Roth IRA?
Traditional IRA: contributions may be tax-deductible (reducing taxes now), but withdrawals are taxed in retirement. Roth IRA: contributions are not deductible, but qualified withdrawals are tax-free. Traditional is better if you're in a higher tax bracket now than in retirement.
What is the IRA contribution limit for 2024?
$7,000 if under age 50; $8,000 if age 50 or older (catch-up contribution). SEP IRA limit is the lesser of 25% of net self-employment income or $69,000 (2024).
What is the RMD age for Traditional IRA?
You must begin taking Required Minimum Distributions (RMDs) from a Traditional IRA at age 73 (as of 2023 SECURE 2.0 Act). Roth IRAs do NOT have RMDs during the owner's lifetime.
Can I contribute to both a Traditional and Roth IRA?
Yes, but the combined total across all IRAs cannot exceed the annual limit ($7,000/$8,000 in 2024). Many people use a "backdoor Roth" strategy when their income exceeds Roth contribution limits.