Spend it or Invest in an IRA?

Value at Retirement

Traditional IRA
$ 114,180
Roth IRA
$ 85,635
The maximum amount you can contribute to an IRA in 2023 is $7,000. After making your maximum contribution, you have $13,000 remaining to spend or save for future IRA contributions.

Spending money today has a retirement price tag on it. What you don't put away today for your retirement will impact how much you have available to you when you are ready to retire. That price tag will depend on how many years away you are from retirement and the rate of return you could receive on those funds over the savings period.