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Apr 09
,
10
min read

Which retirement account is right for you?

Estimate your IRA savings by entering your age, contributions, and expected returns. Compare Roth vs Traditional IRAs to plan for a secure retirement.
Mitchell Kotheimer, CFP®

Deciding between a Roth IRA and a Traditional IRA can be complex. Your choice depends on your current tax bracket, expected future income, and retirement goals. Use our calculator to compare how these two retirement savings options could impact your future wealth.

When do you dream of kicking back and relaxing in retirement?
The total amount of money you currently have saved or available to invest in your retirement account. This includes any previous contributions and earnings.
If you’re under 50 years old, the maximum amount you can contribute is $6,500 annually. If you’re over 50 years old, you can contribute up to $7,500 annually.
This calculator assumes that your return is compounded annually and your contributions are made at the beginning of each year.
The annual amount you plan to withdraw from your retirement account. A common starting point is withdrawing 4-5% of your initial retirement balance each year to cover your expenses.
Your estimate IRA balance
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Potential tax savings with Roth IRA
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Roth IRA vs Traditional IRA
Account balance as you age
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This calculator estimates the amount of assets at retirement age using assuming a constant rate of return while adjusting the annual contributions based on inflation. At the retirement age, it assumes a constant withdrawal percentage for each year of retirement through age 85. It further assumes that accumulation in a taxable account will require a 25% higher withdrawal each year to satisfy a 20% income tax.
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