2024 limit: $7,000 ($8,000 if 50+)
Our comprehensive Roth IRA calculator is designed to help you plan for a secure retirement by projecting the growth of your Roth IRA investments over time. This powerful financial planning tool takes into account various factors including your current age, planned retirement age, contribution amounts, expected returns, and contribution increases to provide accurate retirement savings projections.
A Roth IRA is one of the most tax-efficient retirement savings vehicles available, offering tax-free growth and tax-free withdrawals in retirement. Unlike traditional IRAs, contributions to a Roth IRA are made with after-tax dollars, but all qualified withdrawals are completely tax-free, making it an excellent choice for long-term wealth building.
Input your current age and your planned retirement age. The calculator uses this to determine your investment timeline and compound growth period.
Enter your existing Roth IRA balance if you already have one. If you're just starting, enter $0.
Set your planned annual contribution amount. For 2024, the limit is $7,000 ($8,000 if you're 50 or older). The calculator will show if your contribution exceeds current limits.
Enter your expected annual rate of return. Historical stock market averages range from 6-10%. Conservative estimates use 6-7%, while more aggressive projections might use 8-10%.
Set the annual percentage increase for your contributions. This accounts for salary raises and inflation. A typical range is 2-5% annually.
Click "Calculate" to see your projected retirement balance, total contributions, earnings, and a visual chart showing your account growth over time.
Try to contribute the maximum amount allowed each year. Even small increases can lead to significant growth over decades due to compound interest.
The power of compound growth means that starting early, even with smaller amounts, can be more beneficial than starting later with larger contributions.
Roth IRA contributions phase out at higher income levels. For 2024, phase-outs begin at $138,000 for single filers and $218,000 for married filing jointly.
Within your Roth IRA, consider a diversified portfolio of stocks, bonds, and other investments to balance growth potential with risk management.
This calculator provides estimates based on the information you provide and should not be considered as financial advice. Actual investment returns will vary and past performance does not guarantee future results. Please consult with a qualified financial advisor for personalized retirement planning advice. Investment values can go down as well as up, and you may get back less than you invested.