Top 5 Best Roth IRA Calculators | 2017 Ranking | Conversion, Contribution, Growth, Retirement, Early Withdrawal Calculators

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Finding the Best IRA Roth Calculators

Roth IRAs are a great way for individuals to save money for retirement. They allow people to collect compound interest and save money on taxes.

However, it can be difficult to know the best course of action to take with Roth IRAs, and many people turn to IRA Roth calculators to help them navigate their retirement plans and calculate retirement income.

Many people use IRA Roth calculators to help them answer important questions like:

• What kind of IRA is best for me?
• How much money should I contribute each year?
• How much will this save me in taxes?
• How much will I have saved by the time I retire?

Award Emblem: Top 5 Best Roth IRA Calculators

There are so many free retirement calculators available, and it can be difficult to know which one will work best for your personal finances. Because many are free, there is little risk of wasting anything but time searching for the best calculator. However, time is valuable and this ranking can help users to quickly sort out the most useful IRA Roth calculators to suit their individual needs.

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AdvisoryHQ’s List of the Top 5 Best IRA Roth Calculators

List is sorted alphabetically (click any of the credit card names below to go directly to the detailed review section for that credit card):

• Bankrate Roth IRA calculator
• Betterment IRA Calculator
• Calculator.net Roth IRA Calculator
• Money Chimp Roth IRA Retirement Calculator
• NerdWallet Roth IRA Calculator

Top 5 Best IRA Roth Calculators | Brief Comparison & Ranking

Table: Top 5 Best IRA Roth Calculators | Above list is sorted alphabetically

What Is a Roth IRA?

A Roth IRA, or Individual Retirement Account, is a retirement plan that involves tax reductions on retirement savings.

Under most circumstances, individuals pay taxes on money going into a Roth IRA but do not have to pay taxes on any withdrawals. This means that account holders never pay taxes on the money generated by the account through compound interest.

Image Source: Pexels

How Much Can I Contribute to My Roth IRA?

Due to legal regulations, there are limits to the amount of earned income that an individual can contribute to their Roth IRA annually. Workers under 50 years of age can contribute up to $5,500 each year.

However, those over the age of 50 can contribute up to $6,500 every year. It is important to keep in mind that all of these limits are also subject to qualifying income limits and can change depending on marital status.

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Detailed Review – Top Ranking Best IRA Roth Calculators

Detailed reviews providing specific information regarding the benefits of each of the top ranking Roth IRA growth calculators are included below. This list is designed to bring together all of the pertinent information so that each consumer can make the best choice to fit their own finances.

Bankrate Roth IRA calculator Review

The Bankrate Roth IRA calculator is free to users. This is a simple retirement calculator intended to compare the growth possible of a Roth IRA over time to the growth of a traditional, taxed account. This online retirement calculator asks for information from the following categories:

• Starting IRA balance
• Annual contributions
• Current age
• Age at retirement
• Expected rate of return
• Marginal tax rate

As a Roth IRA growth calculator, it generates a simple number equal to the total balance expected at the time of retirement as well as the amount of earned income contributed to the account. It is also a Roth IRA investment calculator and offers users the option to increase future contributions to the maximum allowed amount to see how increased investment will affect the end result. 

Image Source: Bankrate

Specialization

This is a simple retirement calculator, and it offers users the option to view results in an easy-to-understand graph or chart. Both options illustrate potential Roth IRA accumulations compared to a taxable account with the same contributions. This allows users to easily see the effect of the Roth IRA tax benefits.

This simple retirement calculator does more than just crunch numbers. It also offers users important general information about Roth IRAs, including:

• Annual contribution limits
• Age restrictions
• Income restrictions
• Expected rates of return
• Tax rates according to filing status
• General definitions
• Calculator interpretations guide

Bankrate also offers a number of separate, free retirement calculators, including a Roth IRA conversion calculator and a Roth IRA early withdrawal calculator.

The Roth IRA conversion calculator can be used in conjunction with the Roth IRA retirement calculator to help users decide where, when, and whether their funds should be allocated.

The Roth IRA conversion calculator compares a user’s potential savings with a Roth IRA, a traditional IRA, and a regular taxable savings account to recommend the method with the highest yield.

The Roth IRA early withdrawal calculator is a little more general. It calculates general penalties for early withdrawal from retirement funds as dictated by the federal government. It offers information on many different kinds of retirement funds, including Roth IRAs.

Benefits

This Roth IRA calculator is relatively simple. It is an excellent choice for individuals with established accounts who are looking to see how different contributions would affect their savings. However, because it does offer so much extra information, it would also be helpful for prospective Roth IRA holders looking for more general guidance.

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Betterment IRA Calculator Review

The Betterment IRA Calculator is unique in its design. This is a free retirement calculator intended to help users decide the best kind of IRA for their financial needs. The Roth IRA investment calculator looks at the following financial factors:

• Income tax filing status
• Which tax year contributions are assigned to
• Age
• How much is contributed to the IRA account this year
• Pre-tax annual income
• Employer offered retirement plans
• Expected tax rate in retirement

The IRA Roth calculator presents and explains eligibility requirements and shows how much can be contributed each year based on the entered data.

This is a Roth IRA conversion calculator that compares both kinds of IRAs and makes a recommendation as to which would be best for the user and how much they should contribute for the selected tax year.

Specialization

This IRA Roth calculator has an holistic approach to its calculations. It allows users to input pertinent information about their spouse’s finances in order to make a more encompassing recommendation.

This does not calculate retirement income or offer projections; instead it only makes suggestions for how much money should be invested in what kind of account.

This online retirement calculator has specific sections explaining why certain recommendations were made and how IRA qualifications work. It also offers information about the difference between Roth and traditional IRAs. This Roth IRA retirement calculator does not offer any charts or graphs, but it does present information in a logical, easy-to-understand manner.

Benefits

This Roth IRA conversion calculator is a good option for users who are not looking for long-term retirement projections. It can offer real, yearly recommendations but not how contributions will grow.

However, this Roth IRA conversion calculator can be used to help plan future IRA conversions depending on the recommendations provided. It is also a good option for users who want to incorporate their spouse’s finances into their calculations.

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Calculator.net Roth IRA Calculator Review

The Calculator.net IRA Roth calculator is free and offers users a large amount of information. It is a free retirement calculator designed to show users the potential tax savings offered by a Roth IRA. This calculator takes input for the following factors:

• Current balance
• Annual contributions
• Annual investment return
• Age
• Retirement age
• Marginal tax rate
• Inflation rate

Specialization

This is a Roth IRA growth calculator that compares the potential growth of a Roth IRA to a regular taxable savings account in a simple table. This online retirement calculator also shows users their projected:

• Balance at retirement
• Toll of inflation on their future purchasing power
• Total principal
• Total interest
• Total tax

To help illustrate the Roth IRA growth calculator results, users can read the included graph. This graph displays the balance accumulation of a Roth IRA, regular taxable savings account, and the contributed principle alone over the provided time period. This online retirement calculator also breaks down an annual schedule for each option presented on the graph.

Image Source: Calculator.net

In addition to helping users calculate retirement income, this calculator also has information about the basics of Roth IRAs to help users understand the information in the calculator.

Though it is not a Roth IRA early withdrawal calculator, it does give users information about how and when they will be able to access their retirement savings without penalties.

Benefits

This Roth IRA investment calculator is a good option for users who want more detailed information about how Roth IRAs can improve savings over time. It can help users understand how the compound interest and tax savings associated with a Roth IRA compares to traditional savings accounts. It does not have as holistic an approach as some other IRA Roth calculators, but it is very detailed.

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Money Chimp Roth IRA Retirement Calculator Review

The Money Chimp Roth IRA Retirement Calculator is much more simple when compared to some of the other IRA Roth calculators presented in this list. This calculator only presents how much money will be available at the time of retirement and how much can be used each year afterward. This online retirement calculator takes into account:

• Your current age
• Current IRA balance
• Expected return rate
• How much you plan to contribute each year until the age of 50
• How much you plan to contribute until retirement
• How many years you want your fund to last after retirement

Specialization

This free retirement calculator is part of a larger Roth IRA article that is divided up into separate pages. If users explore the separate pages, they can access a wealth of information about how Roth IRA tax advantages work.

They can also access additional free retirement calculators for more detailed information. Though it does not provide a Roth IRA conversion calculator, it does offer information about IRA conversion to help users further interpret the information provided to them.

This Roth IRA contribution calculator has no graphs or visual aids. However, it offers information about how inflation and market fluctuations can affect retirement fund results. It also offers customers explanations about what a Roth IRA is and how it might work to their advantage.

Benefits

This Roth IRA contribution calculator is a good option for users who want to do additional research about IRAs and how the Roth IRA tax advantage works. The attached article offers multiple calculators and extensive information to help users interpret their results.

NerdWallet Roth IRA Calculator Review

The NerdWallet Roth IRA calculator has a very attractive, easy-to-use interface. It is designed to show users the potential advantages of a Roth IRA over a traditional taxable account. This simple retirement calculator takes into account:

• Life expectancy
• Current age
• Annual income
• Current IRA savings
• Annual contribution
• Age at retirement
• Rate of return
• Marital status

Specialization

This Roth IRA contribution calculator offers a chart that compares possible Roth IRA growth to that of a standard taxable account. It also calculates how much a user will need each month of their retirement based on the provided information.

The Roth IRA contribution calculator compares how much will actually be available during each month of retirement based on current contributions to how much will be needed.

Image Source: NerdWallet

This simple retirement calculator offers users a few suggestions as to where they could open their Roth IRA if they feel so inclined. This calculator also provides basic information about what a Roth IRA is and how to best use their calculator. Though this is not a Roth IRA conversion calculator, it does offer additional information regarding IRA conversion.

Benefits

This Roth IRA calculator is an excellent option for users who are interested in planning for their retirement with greater detail. This option calculates how much will be needed in a retirement fund to maintain an income comparable to the user’s current salary.

It lets users know if they are currently saving enough to reach this income goal and can help them adjust their contributions to maintain this income level.

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Conclusion: Top 5 Best IRA Roth Calculators

Each of the IRA Roth Calculators presented have positive and negative points. Some offer more or different information than others, which can affect how helpful they are to individual users. Depending on each individual’s needs, each of these has the potential to be a good choice. Each offers solid information, and none could be considered a bad choice. Particularly as each of them is free to use. 

Keep in mind the highlights from our comparison:

• Bankrate Roth IRA calculator: Presents simple information and compares Roth IRA savings to regular, taxed savings accounts
• Betterment Roth IRA calculator: Offers a Roth IRA conversion calculator to help users choose the best IRA
• Calculator.net Roth IRA calculator: Offers detailed information about compound interest and tax savings
• Money Chimp Roth IRA retirement calculator: Offers an extensive article detailing Roth IRAs
• NerdWallet Roth IRA calculator: Compares how much money is needed to maintain a user’s current salary and displays discrepancies in savings

To choose the most effective calculator for your finances, it is important to focus on the aspects that are most relevant to your situation. With the information provided in our comparison, you can weigh the best aspects of each option against their potential drawbacks to find the best fit for you.