Best Roth IRA Calculator - NerdWallet (2024)

The Roth IRA is a favorite among retirement investors. That’s because it offers tax-free growth and tax-free withdrawals after you're 59½ and have held the account for five years. Our calculator will help you estimate your future balance.

Jump to

  • Roth IRA definitions

  • How this Roth IRA calculator works

  • Roth IRA annual contribution limits

  • If you can’t afford to contribute the max

Roth IRA definitions

  • Annual contribution: The amount that you plan to contribute to your Roth IRA each year. The maximum amount you can contribute to your Roth IRA depends on your age, your filing status and modified adjusted gross income.

  • Annual income: For the purposes of this calculator, use your modified adjusted gross income (MAGI), which is your adjusted gross income with specific deductions added back in. It’s one of two factors used to determine your Roth IRA contribution limit (the other being filing status).

  • Current age: The age you are now. Those 50 and older are eligible to contribute an extra $1,000 as a catch-up contribution.

  • Estimated rate of return: The annual rate of return is the amount the investments in your Roth IRA lose or gain in a year. The Roth IRA calculator defaults to a 6% rate of return, which can be adjusted to reflect the expected annual return of your investments.

  • Retirement age: Your retirement age is the age you hope to retire. The full retirement age ranges from 65-67 depending on your year of birth.

  • Starting balance: The total current balance in your Roth IRA.

  • Tax filing status: This is the filing status that you report to the IRS on your tax forms. Filing status is one of two factors considered when determining your Roth IRA contribution limit.

How this free Roth IRA calculator works

  • Your Roth IRA balance at retirement is based on the factors you plug in to the calculator — your total planned annual contribution, your current age, tax filing status, retirement age and the rate of return. There is no inflation assumption.

  • The Roth IRA calculator defaults to a 6% rate of return, which can be adjusted to reflect the expected annual return of your investments.

  • The estimated tax savings is a projection based on the difference between investing in a standard taxable account and investing in a Roth IRA. Investments in a standard taxable brokerage account are subject to capital gains taxes; saving for retirement in a Roth IRA has tax advantages — tax-free investment growth and tax-free qualified withdrawals.

» Learn more about Roth IRA withdrawal rules.

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Roth IRA annual contribution limits

The Roth IRA annual contribution limit is the maximum amount of you can add to the account each year. The 2024 IRA contribution limit is $7,000 in 2024 ($8,000 if age 50 or older). You can contribute to a Roth IRA for the previous year until the tax-filing deadline.

Those limits are a combined limit across both Roth and traditional IRA accounts; if you have both, you cannot contribute more than the maximum between them.

The amount you can contribute to a Roth IRA depends on your annual income. At certain incomes, the contribution amount is lowered until it is eliminated completely.

While this restricts direct contributions to a Roth IRA, high earners can utilize other options to add to their Roth IRA, such as a backdoor Roth, or explore other retirement accounts.

Roth IRA income limits 2024

Filing status

Roth IRA income limits

Roth IRA contribution limits 2024

Single, head of household, or married filing separately (if you didn't live with spouse during year)

Less than $146,000.

$7,000 ($8,000 if 50 or older).

$146,000 or more, but less than $161,000.

Contribution is reduced.

$161,000 or more.

No contribution allowed.

Married filing jointly or surviving spouse

Less than $230,000.

$7,000 ($8,000 if 50 or older).

$230,000 or more, but less than $240,000.

Contribution is reduced.

$240,000 or more.

No contribution allowed.

Married filing separately (if you lived with spouse at any time during year)

Less than $10,000.

Contribution is reduced.

$10,000 or more.

No contribution allowed.

» Learn more about Roth IRA income and contribution limits.

If you can’t afford to contribute the max

That’s OK! You are not required to contribute the maximum amount, and can contribute what works for you. Many Roth IRA providers also have a $0 account minimum, so you can open an account with no money down. If it’s helpful, you can set up automatic periodic deposits from your bank account. Use the calculator to see how even small amounts can grow over time.

» Ready to get started? Here are NerdWallet’s top picks for the best Roth IRA accounts.

Roth IRA alternatives

If you’re not eligible to contribute directly to a Roth IRA, there are several other tax-advantaged ways to save for retirement.

  • 401(k) or other workplace plan: Many people use a 401(k) or other employer retirement plan as their primary retirement account. You can contribute up to $23,000 in 2024 ($30,500 for those age 50 or older). Some employers offer a Roth version of the 401(k) with no income limits.

  • A traditional IRA: If you don’t have a 401(k) at work, you may be eligible to deduct your contributions to a traditional IRA. If your spouse has a retirement plan at work, your ability to deduct contributions may be limited. Learn more about the traditional IRA contribution and deduction limits.

  • A nondeductible IRA: If you’re not eligible to deduct contributions to an IRA because you or your spouse have a retirement plan at work, you can still contribute to a traditional IRA without the tax deduction. This is called a nondeductible IRA. Your contributions to a nondeductible traditional IRA will still grow tax-deferred.

  • A backdoor Roth IRA: A backdoor Roth IRA is an IRS-approved way to convert money from a traditional IRA into a Roth IRA. There are often tax implications, and it can get complicated, so be sure to follow the rules. Many people opt to work with a financial or tax advisor to take advantage of this.

» Have a 401(k)? Estimate your future balance with our free 401(k) calculator.

Best Roth IRA Calculator - NerdWallet (2024)
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