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Roth IRA vs Traditional IRA Calculator

Compare Roth IRA and Traditional IRA to see which saves you more in retirement. Enter your income, contribution, and tax rates.

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Roth IRA vs Traditional IRA Calculator

Annual Income
$75,000
$0$10,000,000
Annual Contribution
$7,000
$0$100,000
Current Age
30 yrs
18 yrs60 yrs
Retirement Age
65 yrs
50 yrs80 yrs
Expected Return (%)
7%
0%30%
Current Tax Bracket (%)
22%
10%37%
Retirement Tax Bracket (%)
12%
10%37%

How the Roth IRA vs Traditional IRA Calculator Works

The Roth IRA vs Traditional IRA Calculator helps compare roth ira and traditional ira to see which saves you more in retirement. enter your income, contribution, and tax rates.. Simply enter your numbers in the fields above and the calculator updates in real-time.

Understanding the Results

  • Recommended: Which IRA type gives you more after-tax retirement income.
  • Traditional IRA (after tax): See your calculated traditional ira (after tax).
  • Roth IRA (tax-free): See your calculated roth ira (tax-free).
  • Difference: See your calculated difference.

When to Use This Calculator

  • Use the Roth IRA vs Traditional IRA Calculator to calculate roth vs traditional ira.
  • Use the Roth IRA vs Traditional IRA Calculator to calculate ira comparison calculator.
  • Use the Roth IRA vs Traditional IRA Calculator to calculate roth ira calculator.
  • Determine if you are saving enough to maintain your desired lifestyle in retirement.
  • Compare retirement account types to minimize taxes and maximize growth.

Step-by-Step Example

30 years old, $75k income, $7k/yr, 22% vs 12% bracket

  • income: 75000
  • contribution: 7000
  • currentAge: 30
  • retirementAge: 65
  • returnRate: 7
  • currentTaxRate: 22
  • retirementTaxRate: 12

Frequently Asked Questions

Should I choose Roth or Traditional IRA?

Choose Roth if you expect to be in a higher tax bracket in retirement. Choose Traditional if you expect to be in a lower bracket. If your current and future tax rates are similar, the difference is minimal.

What are the income limits?

Roth IRA contributions are phased out above certain income levels ($161k single, $240k married in 2024). Traditional IRA deductions are also phased out if you have a workplace retirement plan.

Can I have both types of IRAs?

Yes, you can contribute to both a Roth and Traditional IRA, but the total contribution limit ($7,000 in 2024, $8,000 if 50+) applies across both accounts combined.

Disclaimer: This calculator provides estimates for educational purposes only. Always consult a qualified financial professional for personalized advice.