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How a Roth IRA Can Make You the Millionaire Next Door | Personal Finance

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How a Roth IRA can turn you into a neighboring millionaire

(Charlene Rhinehart, CPA)

Instead of hoping and wishing for winning numbers in the lottery, there is an easier way to get closer million dollars. It’s called Roth IRA, and it is imbued with incredible benefits that will make it a little easier for you to achieve your financial goals.

Here are a few things to consider if you want to maximize your Roth IRA success like a neighboring millionaire.

Image source: Getty Images.

Dedicate yourself to the maximum

Don’t settle for less if you want the best chance of success. The more you contribute to the Roth IRA, the more money you can use to invest in funds that can inflate your portfolio.

While it would be phenomenal to give as much money as you want, the IRS sets limits on contributions each year. For 2021, the IRA contribution limit is $ 6,000 if you are under 50 and $ 7,000 if you are 50 or older. To meet a maximum of $ 6,000, you can invest $ 500 for 12 months from January to December. If you happen to have a month, you have until the tax deadline for the next year to determine the funds as a contribution from the previous year.

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