frank 2,144 Posted July 28, 2021 I just read that thousands of people have millions of dollars in their IRAs. The maximum you can contribute per year is 7,000. WTF? Share this post Link to post Share on other sites
IGotWorms 3,311 Posted July 28, 2021 You’re supposed to have millions when you retire. But few do of course. They’re probably including 401k which have higher limits, yet alone profit sharing plans. I think you can get the limit to around $50k with a profit sharing plan. Do that for 30 years plus compound interest, it’s easily millions. Share this post Link to post Share on other sites
frank 2,144 Posted July 28, 2021 11 minutes ago, IGotWorms said: You’re supposed to have millions when you retire. But few do of course. They’re probably including 401k which have higher limits, yet alone profit sharing plans. I think you can get the limit to around $50k with a profit sharing plan. Do that for 30 years plus compound interest, it’s easily millions. The article specifically mentions IRAs. Also, I didn’t read the whole thing. https://apple.news/ALtqzjfFOThunGHVTCjtNBw Share this post Link to post Share on other sites
Bert 1,091 Posted July 28, 2021 4 minutes ago, frank said: The article specifically mentions IRAs. Also, I didn’t read the whole thing. https://apple.news/ALtqzjfFOThunGHVTCjtNBw When people leave a company the can roll 401K and pension balances into IRAs. That would also increase the dollars in those accounts. 2 Share this post Link to post Share on other sites
IGotWorms 3,311 Posted July 28, 2021 5 minutes ago, frank said: The article specifically mentions IRAs. Also, I didn’t read the whole thing. https://apple.news/ALtqzjfFOThunGHVTCjtNBw I dunno. You can back door a Roth, I think there’s no real limit there Share this post Link to post Share on other sites
Cdub100 3,380 Posted July 29, 2021 Really good traders Share this post Link to post Share on other sites
porkbutt 861 Posted July 29, 2021 2020 hooked me up. i just need avg of 8% per year for next 15 years and i retire a multee millionaire of course mines a 401k though Share this post Link to post Share on other sites
MTSkiBum 1,594 Posted July 29, 2021 The IRA is neither good nor bad, i guess it depends what side you are on. https://en.wikipedia.org/wiki/Irish_Republican_Army Share this post Link to post Share on other sites
titans&bucs&bearsohmy! 2,745 Posted July 29, 2021 If you have stock in there for 40 years, it grows fast. Unless you buy $4k worth of worldcom like my Roth. Share this post Link to post Share on other sites
