🏦 IRA Retirement Calculator

Compare Traditional vs Roth IRA growth and tax implications
👤 Your IRA Information
Your age right now
When you plan to retire
Total saved in your IRA so far
Amount you contribute each year
Estimated annual investment return
💰 Tax & Goal Settings
Your expected tax rate in retirement (for Traditional IRA)
How much you want per year

📊 Your IRA Projection

Years to Retirement —
Future IRA Balance —
Total Contributions —
Investment Growth —
After-Tax Value —
Annual Income Supported —
—
Traditional vs Roth IRA Comparison
Feature Traditional IRA Roth IRA
Tax Treatment Tax-deductible contributions After-tax contributions
Withdrawals Taxed as ordinary income Tax-free withdrawals
Required Minimum Distributions Yes, starting at age 73 None during lifetime
Early Withdrawal Penalty 10% before age 59½ On earnings before age 59½

📅 Annual / Monthly Growth Projection

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Enter your details and click "Calculate" to see your IRA projection

🧮 Understanding IRA Accounts

Individual Retirement Accounts (IRAs) are tax-advantaged savings vehicles designed to help individuals save for retirement. This calculator projects growth and compares Traditional vs Roth IRAs.

FV = PV × (1 + r)^n

Future Value of Current Balance: Where PV is current balance, r is return rate, and n is years.

FV = P × [((1 + r)^n − 1) / r]

Future Value of Annual Contributions: Where P is annual contribution.

📌 IRA Contribution Limits (2023):
• Under age 50: $6,500 per year
• Age 50 and over: $7,500 per year (includes $1,000 catch-up)
• Income limits: Roth IRA contributions phase out at higher income levels
📘 Traditional IRA • Tax-deductible contributions
• Taxed at withdrawal
• RMDs starting at age 73
• Good if lower tax bracket in retirement
📗 Roth IRA • After-tax contributions
• Tax-free withdrawals
• No RMDs during lifetime
• Good if higher tax bracket in retirement

IRA Planning Strategies:

  • Contribute early and consistently to maximize compound growth
  • Consider a "backdoor Roth IRA" if your income exceeds contribution limits
  • Diversify with both Traditional and Roth IRAs for tax flexibility
  • Review your investment allocation annually
  • Avoid early withdrawals to prevent taxes and penalties

📝 How to Use This Calculator

  1. Choose your currency from the dropdown at the top so all figures display in the correct symbol.
  2. Enter your Current Age and Retirement Age — this determines how many years your IRA has to grow.
  3. Enter your Current IRA Balance — the total amount already saved in your IRA today.
  4. Enter your Annual Contribution — how much you plan to add to your IRA each year.
  5. Set your Expected Return Rate (%) — your estimated average annual investment return.
  6. Enter your Retirement Tax Rate (%) — used to estimate the after-tax value if you're using a Traditional IRA.
  7. Enter your Desired Annual Income in Retirement — the calculator checks this against your projected income (using the 4% withdrawal rule) to tell you if you're on track.
  8. Click "Calculate" to see your Years to Retirement, Future IRA Balance, Total Contributions, Investment Growth, After-Tax Value, Annual Income Supported, and your goal status.
  9. Switch between "Year" and "Month" above the projection table to view an annual summary or a complete month-by-month breakdown of every period.
  10. Click "Reset" at any time to clear all fields and start a new calculation.

❓ Frequently Asked Questions

How does this calculator project my IRA balance?
It compounds your current balance using FV = PV × (1 + r)^n, then adds the future value of your annual contributions using the annuity formula, growing both at your entered expected return rate until retirement.
What's the difference between the Year and Month view?
The Year view shows one row per year of growth. The Month view breaks the same projection down into every single month between now and your retirement age, so you can see balance growth in finer detail.
Should I use a Traditional or Roth IRA?
It depends on whether you expect to be in a higher or lower tax bracket in retirement. Traditional IRAs give a tax deduction now but are taxed on withdrawal; Roth IRAs are funded with after-tax money but withdrawals are tax-free. Compare both in the table above the projection.
How is "Annual Income Supported" calculated?
It applies the commonly used 4% withdrawal rule to your projected future IRA balance, giving a rough estimate of sustainable annual retirement income. It doesn't account for market volatility, sequence-of-returns risk, or taxes on withdrawals.
Does this account for IRS contribution limits?
No, the calculator doesn't cap your entered contribution automatically. Refer to the IRA Contribution Limits note above and check the current IRS limits for your age group before finalizing your contribution amount.