IRA Calculator
Project the future value of an IRA from your current balance, annual contributions, and expected return. Free retirement savings calculator.
Independently verified for accuracy
- Projected balance
- 553297.2
- Total contributed
- 182500
- Total growth
- 370797.2
This calculator projects the future value of an IRA from your current balance, a yearly contribution amount, and an expected return. Use it to estimate where a Roth or traditional IRA lands by retirement, since the growth math is identical for both and only the tax treatment differs.
How this is calculated
It spreads the annual contribution evenly across 12 months and applies the future value formula with monthly compounding: the balance grows by (1 + r)^n while the monthly contributions accumulate as an annuity, with r the annual rate over 12 and n the months.
How to use
- Enter your current IRA balance and annual contribution.
- Enter an expected annual return and the years until you withdraw.
- Read the projected balance, total contributed, and total growth.
Examples
- $20,000 + $6,500/yr at 7% for 25 yr:
Balance $553,297.20 - $0 + $7,000/yr at 8% for 30 yr:
Balance $869,376.35
FAQ
- What is the IRA contribution limit?
- For 2024 the limit is $7,000, or $8,000 if you are 50 or older. Limits change over time, so check the current IRS figure before maxing out. This tool does not cap your input.
- Does this model a Roth or traditional IRA?
- The growth math is the same for both. The difference is tax treatment: Roth withdrawals are tax-free in retirement, while traditional withdrawals are taxed as income. This projection is pre-tax.
- How is growth calculated?
- Your balance compounds monthly at the annual rate divided by 12, and each year of contributions is spread across the months so it earns return through the year.