Instructions for Using the IRA Calculators

To use the IRA calculators, enter your financial information, such as your income, age, and contribution amount. The calculator will help you decide whether a Traditional IRA or Roth IRA is better for your retirement savings.

Traditional IRA Calculator

The Traditional IRA calculator helps you estimate the tax benefits of contributing to a Traditional IRA. Enter your current income and expected retirement age to see how much you can save on taxes.

Traditional vs Roth IRA Calculator

Use the Traditional vs Roth IRA calculator to compare the potential outcomes of both IRA types. By providing your income details and expected retirement goals, you can see which IRA might offer more benefits.

Traditional or Roth IRA Calculator

This calculator assists in determining whether a Traditional or Roth IRA is more suitable for your financial situation. Input your earnings and future plans to get a personalized recommendation.

FAQ

What is the difference between a Traditional and a Roth IRA?

A Traditional IRA allows for tax-deferred growth, meaning you pay taxes when you withdraw funds. A Roth IRA requires taxes upfront but allows for tax-free withdrawals in retirement.

Can I contribute to both a Traditional and a Roth IRA?

Yes, you can contribute to both, but the total contributions must not exceed the annual limit set by the IRS.

How do I know which IRA is better for me?

Consider your current tax bracket and expected bracket in retirement. The calculator will help you evaluate which option may be more beneficial.