Traditional IRA Calculator
Calculate your traditional IRA growth and retirement savings with tax benefits
IRA Details
Ready to Calculate
Enter your IRA details to see retirement projections and tax benefits.
How to Use This Calculator
Enter Your Current Information
Input your current age, planned retirement age, and any existing IRA balance you may have.
Set Your Contribution Amount
Enter your planned annual contribution amount. For 2024, the limit is $7,000 ($8,000 if you're 50 or older).
Choose Expected Return Rate
Set a realistic expected annual return rate. Historical stock market averages are around 7-10% annually.
Input Tax Rate Information
Enter your current marginal tax rate and your expected tax rate in retirement to see the tax benefits.
Review Your Projection
Analyze your projected retirement balance, tax savings, and estimated monthly withdrawal amount.
Adjust and Compare
Try different contribution amounts and return rates to optimize your retirement savings strategy.
Traditional IRA Tips
Contributions to a traditional IRA may be tax-deductible, reducing your current taxable income
Your investments grow tax-deferred until you withdraw them in retirement
Required minimum distributions (RMDs) begin at age 73
Early withdrawals before age 59½ may incur a 10% penalty plus taxes
Consider your current vs. future tax bracket when choosing between traditional and Roth IRA
Maximize employer 401(k) matching before contributing to an IRA
The annual contribution limit for 2024 is $7,000 ($8,000 if age 50+)
You can contribute to an IRA until the tax filing deadline for that year