IRA Calculator
Project your IRA balance at retirement based on current savings and annual contributions. Compare growth scenarios for Traditional and Roth IRAs.
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Frequently Asked Questions
What is the difference between a Traditional and Roth IRA?
Traditional IRA contributions may be tax-deductible now but withdrawals are taxed in retirement. Roth IRA contributions are made with after-tax dollars but qualified withdrawals are completely tax-free. Roth IRAs also have no required minimum distributions during the owner's lifetime, making them excellent for estate planning.
What are the IRA contribution limits?
For 2024, the annual contribution limit is $7,000 for those under 50 and $8,000 for those 50 and older. Roth IRA contributions phase out at higher incomes ($146,000-$161,000 for single filers, $230,000-$240,000 for married filing jointly). You can contribute to both a 401(k) and an IRA in the same year.
Can I withdraw from my IRA before retirement?
Traditional IRA withdrawals before age 59.5 incur a 10% early withdrawal penalty plus income taxes. Exceptions include first-time home purchase ($10,000 limit), qualified education expenses, and disability. Roth IRA contributions (not earnings) can be withdrawn anytime tax-free and penalty-free since you already paid taxes on them.
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