Traditional IRA Calculator
Project traditional IRA growth with tax-deductible contributions and taxable withdrawals.
Calculator
Balance at retirement
$691,150.47
After-tax value
$539,097.37
Tax owed at withdrawal
$152,053.1
Projection
What is traditional ira?
A traditional IRA is funded with pre-tax dollars, lowering your taxable income now. Withdrawals in retirement are taxed as ordinary income.
Example
Contributing $500/month to a traditional IRA at 7% for 30 years grows to about $567,000, taxed as income when withdrawn.
Money-saving tips
- •Best if you expect to be in a lower tax bracket in retirement.
- •Max out contributions ($7,000 in 2024, $8,000 if 50+).
- •Combine with a Roth IRA for tax diversification.
Common mistakes
- •Forgetting required minimum distributions (RMDs) starting at age 73.
Financial definitions
- RMD
- Required Minimum Distribution — mandatory withdrawals from traditional IRAs starting at age 73.
Frequently asked questions
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Estimated reading time: 5 min