Roth IRA Calculator
Plan tax-free retirement savings with our Roth IRA calculator. See how contributions grow tax-free, compare to Traditional IRA, and understand contribution limits and withdrawal strategies.
Your current age
2024 limit: $7,000 ($8,000 if 50+)
How many years until you retire
Historical avg: 7-10%
Modified Adjusted Gross Income
Your tax filing status
Your existing Roth IRA balance
Desired annual withdrawal in retirement
Expected tax rate in retirement
Tax-Free Growth
Visualize how earnings grow completely tax-free compared to taxable accounts and traditional IRAs.
Flexible Withdrawals
Model penalty-free withdrawal scenarios and understand Roth withdrawal rules for retirement planning.
Roth vs Traditional
See side-by-side comparison of Roth and Traditional IRA with after-tax values and savings.
How It Works
Tax-Free Growth Formula
FV = PV(1 + r)^n + C × [((1 + r)^n - 1) / r]
Where:
- FV = Future value (final balance)
- PV = Present value (current balance)
- r = Annual return rate (as decimal)
- n = Number of years
- C = Annual contribution
Contribution Limits (2024)
- Under 50: $7,000 per year
- Age 50+: $8,000 per year (includes $1,000 catch-up)
- Income Limits (Single): Phase-out $146,000-$161,000
- Income Limits (Married): Phase-out $230,000-$240,000
- Backdoor Roth: Available for high-income earners above limits
Withdrawal Rules
Tax-Free and Penalty-Free:
- • Contributions: Withdraw anytime, tax and penalty-free
- • Earnings: After age 59.5 and 5-year holding period
- • No Required Minimum Distributions (RMDs)
- • Inheritable by beneficiaries tax-free
Frequently Asked Questions
What are Roth IRA contribution limits?
For 2024, contribution limits are $7,000 per year ($8,000 if age 50+). Contribution limits increase periodically for inflation. Our calculator tracks current limits and shows multi-year projections based on your age.
Am I eligible to contribute to a Roth IRA?
Roth eligibility depends on Modified Adjusted Gross Income (MAGI) and filing status. For 2024, phase-out ranges are $146,000-$161,000 (single) and $230,000-$240,000 (married filing jointly). Our calculator determines your eligibility and applies any reductions.
What's the difference between Roth and Traditional IRA?
Roth IRA: Contributions aren't tax-deductible, but earnings grow tax-free and qualified withdrawals are completely tax-free. Traditional IRA: Contributions may be tax-deductible, but earnings and withdrawals are taxed as ordinary income. Our calculator shows both scenarios side-by-side.
Can I withdraw from my Roth IRA early?
You can withdraw contributions anytime tax and penalty-free. Earnings withdrawals before age 59.5 may incur taxes and a 10% penalty unless you meet specific exceptions (first-time home purchase, disability, etc.). Our calculator models different withdrawal scenarios.
What is a backdoor Roth conversion?
High-income earners who exceed Roth IRA income limits can contribute to a Traditional IRA (no income limits) then immediately convert it to a Roth IRA. This is called a "backdoor Roth" strategy. Our calculator helps you understand the benefit of this approach.
How much will my Roth IRA grow?
With consistent $7,000 annual contributions and 7% average returns, your Roth IRA can grow to over $850,000 in 30 years - all tax-free! Our calculator shows exact projections based on your specific contribution amounts and expected return rates.