Apr 14

$5000 x 2 = $10,000 per year

assume they generate 12% interest


3 comments so far...

  • tonalc2 Said on April 14th, 2010 at 5:57 pm:
  • Laurence L Said on April 14th, 2010 at 6:57 pm:

    @12%, funding $10,000 ($5,000 in each Roth IRA) would get you $1million in 23 years. This is an approximation (keep in mind that maximum allowed contribution will go up as years go by):

    YearContributionEnd of year balance
    110000$11,200
    210000$22,544
    310000$35,249
    410000$49,479
    510000$65,417
    610000$83,267
    710000$103,259
    810000$125,650
    910000$150,728
    1010000$178,815
    1110000$210,273
    1210000$245,506
    1310000$284,966
    1410000$329,162
    1510000$378,662
    1610000$434,101
    1710000$496,193
    1810000$565,736
    1910000$643,625
    2010000$730,860
    2110000$828,563
    2210000$937,990
    2310000$1,060,549

  • Richie Rich Said on April 14th, 2010 at 7:13 pm:

    Assuming you both go to 500k, 21 years at $416.67/mo each.

    27 Years if you both go to $1 million at the same rate.

    This does not take into account increased limits.

    The above fails to account for the fact there are 2 separate accounts and not one. It is impossible to have a joint IRA.

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