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Roth IRAs or what?
Posted on 1/20/14 at 9:47 pm
Posted on 1/20/14 at 9:47 pm
Had a teacher tell me once that you could put the maximum amount of $2,000 a year into a Roth IRA for 30 years and by the end of the 30 years with the interest it would be $1 million.
1) is this bull shite?
2) was it really a Roth IRA or something else?
3) is this still the case?
4) is this money tax deductible?
1) is this bull shite?
2) was it really a Roth IRA or something else?
3) is this still the case?
4) is this money tax deductible?
4
Posted on 1/20/14 at 9:51 pm to Beau Tie
Posted on 1/20/14 at 9:51 pm to Beau Tie
probably not. find out with a calculator. they were probably assuming 12 percent or something
yes
maybe- see first answer
no
yes
maybe- see first answer
no
Posted on 1/20/14 at 10:00 pm to Beau Tie
quote:
$2,000 a year into a Roth IRA for 30 years and by the end of the 30 years with the interest it would be $1 million.
$5k/yr for 30 years @ 10% would be around 900k.
Posted on 1/21/14 at 3:51 pm to Beau Tie
I think $2k/yr contributions would require more than a 15% return for your 30 years. Personally, I wouldn't want to plan for my retirement assuming a consistent 15% return. I'd assume something a little more conservative... But maybe I'm a wuss 
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