IRA Contribution Calculator

Last updated July 2, 2026

Individual Retirement Accounts complement 401(k) plans with a separate contribution allowance and additional flexibility in investment options. In 2026, the IRA contribution limit is $7,500 per person, with a $1,100 catch-up contribution for those 50 and older, bringing the over-50 limit to $8,600. Importantly, IRA and 401(k) contribution limits are completely separate — you can contribute the full maximum to both in the same year, maximizing tax-advantaged savings space. A married couple where both partners work can contribute up to $15,000 in combined IRA contributions annually, or $17,200 if both are over 50.

Traditional IRA contributions are deductible for those not covered by a workplace retirement plan, and partially deductible for those who are covered but fall below income thresholds. For Roth IRA eligibility, the 2026 income phase-out range begins at $153,000 for single filers and $242,000 for married filers. Above the phase-out ceiling, direct Roth IRA contributions are not permitted, but the backdoor Roth IRA — contributing to a traditional IRA and immediately converting it to Roth — remains available regardless of income level for those without existing pre-tax IRA balances that would trigger the pro-rata rule. The Roth IRA's unique feature is that contributions (not earnings) can be withdrawn at any time without tax or penalty, providing a liquidity option that traditional accounts don't offer.

For people not contributing to an IRA alongside your 401(k), calculate what the additional $7,500 per year in tax-advantaged space would grow to over your investment horizon. Even at age 45, $7,500 per year for 20 years at 7 percent produces $307,000 — meaningful retirement wealth that sits outside your employer's plan and travels with you regardless of job changes. Open the account even if you can't fund it immediately; IRA custodians are free to establish.