Creating a Roth IRA can make a big difference in retirement savings. There is no tax deduction for contributions made to a Roth IRA, however all future earnings are sheltered from taxes. The Roth IRA provides truly tax-free growth. read more
As such, many people use a Roth IRA in conjunction with a tax-advantaged retirement account. For 2016, the maximum amount most people can contribute to a traditional or Roth IRA is $5,500. Those ages 50 and older can make what is known as a “catch up contribution” and contribute up to $6,500 each year. read more
The amount you will contribute to your Roth IRA each year. This calculator assumes that you make your contribution at the beginning of each year. The maximum annual IRA contribution of $5,500 is unchanged for 2015. read more