How to Build a Million-Dollar Roth IRA if You Start Investing in 2025

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How to Build a Million-Dollar Roth IRA if You Start Investing in 2025

^{Published on 2025-01-04 07:21:23 - AOL}

While you're at it, why not think long-term and add retirement planning to the mix? If you can carve out room to contribute to an individual retirement account -- like the coveted Roth IRA -- your future self will thank you.

The article from AOL discusses strategies for building a million-dollar Roth IRA, emphasizing the benefits of tax-free growth and withdrawals in retirement. It outlines several key steps: starting early to maximize compound interest, contributing the maximum amount allowed annually ($6,000 in 2023, or $7,000 if you're 50 or older), and choosing investments wisely. The article suggests investing in a diversified portfolio, possibly including stocks, ETFs, or mutual funds, and highlights the importance of low-cost index funds for long-term growth. It also mentions the potential of using a backdoor Roth IRA for high earners who exceed the income limits for direct contributions. The piece stresses patience, as building such a substantial nest egg requires time, consistent contributions, and a long-term investment horizon.

Read the Full AOL Article at:
[ https://www.aol.com/build-million-dollar-roth-ira-110000214.html ]

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