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I Want to Be an IRA Millionaire by Retirement. Here's How I'm Planning to Get There.


Published on 2025-01-14 10:21:15 - MSN
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  • People who automate parts of their financial lives are more likely to achieve their goals, so it's worth considering this for your IRA investing. Of course, in a perfect world, we could put our retirement savings in moonshot tech stocks and earn 100X returns.

The article on MSN discusses an individual's strategy to become an IRA millionaire by retirement. The author outlines several key steps: starting early to benefit from compound interest, contributing the maximum amount allowed to an IRA each year ($7,000 in 2024 for those under 50, and $8,000 for those 50 and older), and choosing investments wisely. The focus is on a diversified portfolio with a mix of stocks, bonds, and ETFs, particularly emphasizing low-cost index funds for long-term growth. The author also mentions the importance of reinvesting dividends to compound returns, maintaining a long-term perspective despite market fluctuations, and possibly increasing contributions with income growth or through catch-up contributions if over 50. The strategy also includes regular reviews and adjustments to the investment mix to align with changing risk tolerance and market conditions as retirement approaches.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/savingandinvesting/i-want-to-be-an-ira-millionaire-by-retirement-here-s-how-i-m-planning-to-get-there/ar-BB1rr9sP ]