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re: Help me with my IRA understanding
Posted on 10/29/17 at 9:55 am to foshizzle
Posted on 10/29/17 at 9:55 am to foshizzle
When the IRA stuff was created in the early 80's interest rates were skyhigh (middle to high teens). I was at LSU at the time. Billboards all over town with the banks advertising 2000$ year in an IRA and retire a millionaire. Rates came back to reality and shattered that dream.
2
Posted on 10/29/17 at 10:07 am to bovine1
quote:
Billboards all over town with the banks advertising 2000$ year in an IRA and retire a millionaire. Rates came back to reality and shattered that dream.
The problem is that if inflation had remained as high as it was then, $1 million in 30 years wouldn't have been worth much.
Posted on 10/29/17 at 11:21 am to bovine1
It's not like the "IRA millionaire" is exactly a myth at this point. If you start contributing at 18 years old and max contributions every year, you will have over a million dollars in your account by the age of 65 even with a conservative return of 5%.
The problem is that most people don't start maxing contributions at 18 and don't compensate for the compounding problem this creates. I've spoken to people who claim it's "completely unrealistic" to have a decent nest egg by retirement age, only to find out that they didn't start investing until they were 35.
The problem is that most people don't start maxing contributions at 18 and don't compensate for the compounding problem this creates. I've spoken to people who claim it's "completely unrealistic" to have a decent nest egg by retirement age, only to find out that they didn't start investing until they were 35.
This post was edited on 10/29/17 at 11:25 am
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