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This is an educational estimate, not financial advice.
What this means for you
Enter your info and hit Calculate to see your projected balance adjusted for inflation.
About Roth IRAs
A Roth IRA is a retirement account where you contribute after-tax dollars, and withdrawals in retirement are tax-free. Unlike Traditional IRAs, there are no required minimum distributions (RMDs) during your lifetime.
Key Benefits:
- Tax-Free Withdrawals: Qualified withdrawals in retirement are completely tax-free
- Tax-Free Growth: Investments grow without being taxed
- No RMDs: You're not required to take distributions at age 73
- Flexibility: Contributions (but not earnings) can be withdrawn penalty-free
2024 Roth IRA Contribution Limits:
- Under 50: $7,000 per year
- 50 and over: $8,000 per year (includes $1,000 catch-up contribution)
- Income limits apply for eligibility
Compare IRA & 401(k) Providers
| Provider | Account Types | Typical Fees | |
|---|---|---|---|
| Provider A | IRA, Roth IRA | 0.25%–0.40% | Open account |
| Provider B | IRA, 401(k) rollovers | $0 trading, ETFs | Open account |
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Georgia Retirement Tips
- Check Georgia-specific tax treatment for retirement account withdrawals.
- Look into any state-sponsored retirement plans or special rules for Georgia residents.
- Benchmark your savings rate vs. Georgia median income if available.
- Consider Georgia cost of living when planning your retirement budget.
FAQ
What is the maximum Roth IRA contribution for 2024?
For 2024, the maximum Roth IRA contribution is $7,000 for those under 50, and $8,000 for those 50 and older. However, income limits may reduce or eliminate your ability to contribute.
Can I contribute to a Roth IRA if I have a 401(k)?
Yes, you can contribute to both a 401(k) and a Roth IRA, as long as you meet the income requirements for Roth IRA contributions.
When can I withdraw from my Roth IRA tax-free?
You can withdraw contributions at any time tax-free. Earnings can be withdrawn tax-free after age 59½, provided the account has been open for at least 5 years.