@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):
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.
3 comments so far...
About 25 years.
Here’s a chart:
http://www.ncnblog.com/2008/06/16/a-fully-funded-roth-ira-at-age-18-could-net-you-35-million-dollars/
@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
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.
leave a reply