Traditional IRA Future Value Calculator

Gordon J Maier & Company, LLP
	Newsletter

This calculator will estimate and chart the future value of a tax-deferred traditional IRA. Just enter the required information to calculate the potential value at retirement. The calculation assumes that the same annual contribution is made at the end of each year until retirement, and that all contributions are fully tax deductible. Investment earnings are compounded annually on a tax-deferred basis.

Current traditional IRA balance (contributions and investment earnings)

Annual contribution

IRA contribution limits, including "catch-up" contributions for individuals age 50 or over, are summarized in the table below.

Years until retirement

Years

Estimated annual rate of return

Estimated income tax rate in retirement

Contribution limits:

Tax year beginning in	Contribution limits (under age 50)	Additional catch-up contribution limits (age 50 or over)
2023	$6,500	$1,000
2024	$7,000	$1,000

This calculation assumes that each contribution is fully tax deductible. If either the IRA owner or spouse participates in an employer-sponsored retirement plan, the deductibility of contributions is subject to limitations based on tax filing status and modified adjusted gross income. Withdrawals from traditional IRAs are subject to federal income tax to the extent that they consist of deductible contributions and investment earnings. Withdrawals made before age 59½ may also be subject to a 10 percent penalty.