Quick Calculator
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- Flexibility: Contributions (but not earnings) can be withdrawn penalty-free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 |
Disclosure: we may earn a commission if you sign up via links on this page.
Wyoming Retirement Tips
- Check Wyoming-specific tax treatment for retirement account withdrawals.
- Look into any state-sponsored retirement plans or special rules for Wyoming residents.
- Benchmark your savings rate vs. Wyoming median income if available.
- Consider Wyoming 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 Earnings can be withdrawn tax-free after age 59½, provided the account has been open for at least 5 years.