US Traditional IRA Calculator

Calculate tax-deferred growth of traditional IRA contributions and project your balance at retirement. See the deduction benefit now and estimated taxes on future withdrawals.

Overview

Traditional IRA contributions may be tax-deductible depending on your income and whether you have access to a workplace retirement plan. The 2024 contribution limit is $7,000 per year ($8,000 if age 50 or older). Contributions and investment gains grow tax-deferred, meaning you pay income tax when you withdraw in retirement. Required minimum distributions begin at age 73. The deduction phases out for single filers covered by a workplace plan with MAGI between $77,000 and $87,000 (2024). This calculator projects your balance at retirement using compound growth at your expected return, estimates the current-year tax savings from the deduction at your current rate, and shows estimated taxes due on withdrawal at your projected retirement tax rate.

How to use this calculator

Enter your current age and target retirement age.
Enter your current traditional IRA balance.
Enter your annual contribution.
Set your expected annual investment return.
Enter your current marginal tax rate and your expected retirement tax rate.
Click Calculate to see your projected balance, after-tax value at retirement, and estimated tax savings from contributions.

Example calculations

Example 1: Basic Calculation

A typical scenario using default values

{
  "current_age": 30,
  "retirement_age": 65,
  "current_balance": 25000,
  "annual_contribution": 6500,
  "expected_return": 8,
  "current_tax_rate": 24,
  "retirement_tax_rate": 22
}

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