@millennialindebt
Millennial In DebtWant to become a millionaire tax free? Let me show you how with a Roth IRA. A Roth IRA is a tax sheltered retirement account. Which means the money you’re investing is already taxed AND the money you earn does NOT get taxed when you withdraw it at 59.5 years old. Let’s look at some numbers: if you’re starting from zero and opening up your Roth today ⬇️ If you max out your Roth every year (using the 2024 max contribution of $7,000) here’s what you can hope to have over time: Maxed out for 15 years: $189,000 Maxed out for 20 years: $320,000 Maxed out for 25 years: $525,000 Maxed out for 30 years: $792,000 Maxed out for 35 years: $1.2 Million In a country where 58 million people have $0 saved for retirement — that’s not going to be YOU! Starting today even at zero puts you ahead of 32% of the country! 👏🏾open 👏🏾 that 👏🏾 account! #investing101 #financialliteracy
On the profile · Nov 18, 2024