What is the difference between Traditional and Roth IRA?

Traditional IRAs offer tax-deductible contributions and tax-deferred growth, but withdrawals in retirement are taxed as ordinary income. Roth IRAs are funded with after-tax dollars, but qualified withdrawals in retirement are completely tax-free.

What are the 2024 IRA contribution limits?

For 2024, you can contribute up to $7,000 to Traditional or Roth IRAs ($8,000 if you're 50 or older). SEP IRA limits are 25% of compensation or $69,000. SIMPLE IRA limits are $16,000 ($19,500 if 50+).

💰 IRA Calculator

Calculate and compare Traditional IRA, Roth IRA, SEP IRA, and SIMPLE IRA returns. Plan your retirement with accurate tax analysis and contribution limits.

IRA Calculator

IRA Type

Current Age

Retirement Age

Current IRA Balance ($)

Annual Contribution ($)

2024 limit: $7,000 ($8,000 if 50+)

Expected Annual Return (%)

Results

Account Value at Retirement

After-tax: $0

Total Contributions

Investment Gains

Tax Savings

Calculation Details

Years to retirement: 35

Real purchasing power: $0

Effective tax rate: 0%

IRA Type Comparison

Feature	Traditional IRA	Roth IRA	SEP IRA	SIMPLE IRA
2024 Contribution Limit	$7,000 ($8,000 if 50+)	$7,000 ($8,000 if 50+)	25% of compensation or $69,000	$16,000 ($19,500 if 50+)
Tax Deduction	✓ Yes	✗ No	✓ Yes	✓ Yes
Tax-Free Withdrawals	✗ No	✓ Yes	✗ No	✗ No
Required Minimum Distributions	Age 73	None	Age 73	Age 73

Frequently Asked Questions

⚠️ Important Disclaimer

This IRA calculator is for educational and informational purposes only. The results are estimates based on the assumptions you provide and should not be considered as financial, investment, or tax advice. Actual investment returns, tax rates, and contribution limits may vary. IRA rules and tax laws are subject to change. Please consult with a qualified financial advisor, tax professional, or retirement planning specialist before making any investment decisions. Past performance does not guarantee future results.