Can you please tell where you got this from the citation  The Roth IRA can very easily yield over $1 million dollars. Starting Balance: $0 Annual Contribution: $5,000 Current Age: 29 Retirement...

Can you please tell where you got this from the citation

 The Roth IRA can very easily yield over $1 million dollars.

Starting Balance: $0

Annual Contribution: $5,000

Current Age: 29

Retirement Age: 70

Rate of Return: 7%

Marginal Tax Rate: 25%

Roth IRA Balance: $1,148,161

please tell the citation of where you found your answer to 

Asked on by user8985815

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boomer-sooner | College Teacher | (Level 1) Associate Educator

Posted on

     There are multiple calculators available online to determine the final dollar amounts you can roughly expect from an IRA.  The one originally posted came from bankrate.com.  Included are two additional resources which may help.  Calculator.net allows the user to adjust for the inflation rate over time which may provide a more accurate amount, but you would need to study the historical inflation rate.  The final calculator from rothira.com lets the user reverse the process by determining how much you would need to invest based upon your current situation to receive a set amount of income per year in retirement.  This is useful if you are budget minded and have a set budget determined to last through your retirement years.

Sources:

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