Roth IRA Calculator
Calculate your Roth IRA growth and see the power of tax-free retirement savings.
Calculate Roth IRA Growth
2024 limit: $7,000 ($8,000 if age 50+)
About Roth IRA
A Roth IRA is a retirement account where you contribute after-tax dollars, but all future growth and withdrawals in retirement are tax-free.
Roth IRA Benefits
- Tax-Free Growth: No taxes on investment gains
- Tax-Free Withdrawals: No taxes in retirement
- No RMDs: No required minimum distributions
- Flexible Access: Withdraw contributions anytime
- Estate Benefits: Tax-free inheritance for beneficiaries
2024 Contribution Limits
- Under 50: $7,000 annual limit
- 50 and older: $8,000 annual limit (catch-up)
- Income Limits: Phase-out begins at $138,000 (single)
- Married Filing Jointly: Phase-out begins at $218,000
Roth vs. Traditional IRA
- Roth: Pay taxes now, tax-free in retirement
- Traditional: Tax deduction now, pay taxes in retirement
- Choose Roth if you expect higher tax rates in retirement
- Choose Traditional if you need current tax deduction
Withdrawal Rules
- Contributions can be withdrawn anytime tax-free
- Earnings can be withdrawn tax-free after age 59½
- 5-year rule applies to earnings withdrawals
- Exceptions for first home, education, medical expenses