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If this is in any way possible for you, start up a Roth IRA today and contribute the max ($5500/year, may increase with time) every year. Even if you only do this, and even assuming very modest returns (say 5.5% annually) you will retire a millionaire. (some people might not consider that "wealthy" but you will certainly not starve to death in retirement)
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Dec 5, 2016 22:51
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| # ¿ May 2, 2024 11:56 |
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Orange Sunshine posted:Over a 40 year period, contributing $5500 per year, with 5.5% annual returns, you will end up with $751,000. Of course, after 40 years of inflation, it will be worth maybe half this, maybe much less. He's 21 so I assume he's not retiring at 61 before he can even take a distribution without penalty, also once you turn 50 you can contribute an extra $1000/year, just FYI.
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Dec 6, 2016 04:36
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