Mar 7

I’m going to be 20 and have Simple and Roth Itas established.Out of my money, about 6% goes to the simple and about 3% goes to the Roth. All of this is done throu the adviser. How well off will I be and at what age I will be able to retire?

4 comments so far...

  • SexyTrojan Said on March 7th, 2010 at 5:55 pm:

    Much better off than if you didn’t invest.

    In order to give you an accurate answer, you need to list the funds that you are investing in, the investment firm, how often you are investing in each and what your current balance is.

  • bowler_j Said on March 7th, 2010 at 6:33 pm:

    If you invest the maximum allowed in either account every year until 65 and you earn 10% – the long term average return of the stock market, you will have in excess of $3 million.

  • Kitty Said on March 7th, 2010 at 7:20 pm:

    You will need to invest at least $4000 a year to have anyting worth talking about. But it really depends upon what you want at retirement….

    A simple formula : Take any amount, divide it by 2 and then drop a zero.

    We will do ONE MILLION for the example :
    $1,000,000.oo divided by 2 = $500,000.oo DROP a zero = $50,000.oo.

    Can you life off $50,000.oo a year?? If so then you will need to have one million dollars in these IRA’s combined
    Simple simple!

  • swenjj Said on March 7th, 2010 at 8:06 pm:

    kitty, why not just say you live off of 5% of the funds?
    1M x 5%=50,000

    seems easier to me

    but starting at 19 is going to help a whole lot, i started at 30 and i sure wish i would have thought ahead when i was 19

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