In this video, I’m talking about the Roth IRA and how to turn your $6,000 Roth IRA contribution limit into over $2 Million for your retirement. Investing in the stock market is a long term game where slow and steady can win the race. You don’t need millions to make millions, just time, patience and persistence. The Roth IRA is a great savings account that can help you save money tax-free.
I also compare how much you would need in your 401k to equal the same amount in your Roth IRA. It’s a huge difference and that difference comes down to the type of account and taxes.
How to turn your $10,000 Roth IRA into $1,184,186 tax free
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How to turn your $10,000 Roth IRA into $1,184,186 tax free
https://youtu.be/qD8fduLtVm4
You haven't accounted for any inflation. If you have then you should be very clear on your videos to make people appreciate that $5000 in today's dollars is no where close to $5000 35 years from now. Even a modest 2% inflation is okay to plug in and consider that. Also I don't completely agree to converting to $2.4m, according to your numbers you will 1) never hit that number as a grand total and 2) you will be 100 years when you reach that assuming you start at 30 years. Everyone please be careful of the Maths, this video does not highlight anything ground breaking but fails to speak about a very important aspect of living i.e. INFLATION.
People are barely getting by on $2500 a month now. In 35 years, $15,000 a month will be what people need to get by. $6.3 million is what people need to strive to make their money into by let’s say 2060 is when I plan on retiring by if not sooner
You have to take into consideration too that 1 million dollars is gonna be worth about 100,000 today in 35 years. 1 million might buy you 10 acres of land. It may only buy you a 1000 sqft home. People need to be saving as much as they can starting young. Your goal should be 10 million if you want a million in today’s money. Especially if we go through a Great Depression soon
and what is the 8% return rate? If I don't invest in anything and keep money ($6000 at max) in deposit, will it still increase by 8% per year? or is $6000 just sitting there if I don't make any investment
Most basic question but is $6000 at max. the deposit you put into the account? or the amount that you actually use for investment from your deposit amount?
How do I get my percrent higher my bank offers .07% which does nothing at all
Im confused .
my Roth has been dropping like a stone ever since (I don't want to say it) the election of our new president I've lost close to $10,000 in almost 2 years.
it is not an administration's job to create wealth but it is its job to foster an environment where people can live comfortably or a mass wealth in some form or fashion it's next to impossible right now unless you already have the assets to make more money a lot of wealthy people right now are buying hard assets assets that don't depreciate gold Platinum even silver and especially real estate etc.
I have other investment accounts totaling close to a million dollars right now but my Roth is one that's just kind of been laying around I really haven't done much with it in years I'm going to call my schwab guy today and see what to do with it. I just turned 60 I may just cash it out and put the money elsewhere.
I am kinda late in the game :/
I started a Roth ira today. So you can only contribute $6000 a year max?
I would like to know if I contribute $500 a month into my Roth where does it need to be invested in? Just sit there? Or do I need to move into let’s say a VYM? VTSAX?
where do you get 8% ROR? $500 per month is part of the $6k contribution? Going too fast.. cant understand where your numbers are coming from
Full of crap and horribly leading young Ira investors in the wrong direction. Your math is off sir.
So when you say $5,802 per month during retirement, obviously that won't be worth the same as it does now due to inflation, right?
8% will be taxed pointless
Any plans for 50 yrs old to get to retirement fast
I think I'm on the right path I have 13,000 in my Roth IRA and 10,000 in my CD and just opened a 401K with my company.
Okay but how would we use this money when we retire? Should we sell all our investments and take the money as a whole or would we sell it yearly and withdraw only our yearly salary? Everyone tells us what to do up until retirement but not how to do it or how to get your maximum retirement funds after you retire.
is the monthly payments better than the 1 lump sum payment on january 1st? Why? Dollar Cost Averaging? Many people say the 1 time payment on january 1st each year is better because of more time in the market