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Which is better for me, a Traditional IRA or a Roth IRA?
Which is better, a Traditional IRA or a Roth IRA? Traditional IRAs offer tax-deferred earnings and tax-deductible contributions. Roth IRAs offer tax-free earnings, but contributions are not deductible.
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Calculator tips
This calculator uses annual compounding. Annual deposits start today and the final withdrawal amount is available one year after the last deposit.
The after tax amount assumes that the Roth balance is taxed at retirement date, rather than as the funds are withdrawn.
Your actual qualifying contribution may differ significantly from the amounts listed above (for reasons such as income, filing status, employer benefits, and more). We strongly recommend that you consult your tax advisor before contributing to a retirement program. Qualifying contributions are usually limited as follows:
Year Annual Contribution Limit
2002 through 2004 $3,000 per individual
2005 through 2007 $4,000 per individual
2008 through 2012 $5,000 per individual
2013 onward* $5,500 per individual
* Beginning in 2009, the contribution limit will adjust annually for inflation in $500 increments.
If you are age 50 or over, you may qualify for an additional catch-up contribution as follows:
Year Additional Catch-Up Contribution
2002 through 2005 $500 per individual
2006 onward $1,000 per individual
Your actual qualifying contribution may differ significantly from the amounts listed above (for reasons such as income, filing status, employer benefits, and more). We strongly recommend that you consult your tax advisor before contributing to a retirement program.
Calculator disclaimer
The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.