How much money can I deposit into a Roth IRA savings a month?

Question

I'm seriously interested in my financial security when I'm an older man (60 and up). I read that if you set aside 100 dollars a month from the age of 25 to 65, you can retire and you will have 1 million dollars in that account. Could I set aside 125 dollars a month? I don't know really much anything about this topic. And how do I go about setting up something like this that will work out for me.

Answer 1

For THIS Year: $4000 if you are under 50 years old, $5000 if you are 50 and older. So that's about $333.33/month if you want to invest systematically.

It is possible that your IRA can reach $1 million, but its not guaranteed. I put in $100/month because that's all I can afford.

To read more about Roth IRAs, go here: http://obe231.blogspot.com

Answer 2

you will be able to desire to place it right into a taxable mutual fund account. A Roth does not mean larger earnings purely because of the fact this is a Roth. i'm no longer against early mark downs for retirement yet i'm hoping you recognize that something you place into an IRA is in reality trapped there till retirement, till you opt to incur large tax outcomes. It can not be used for college or something with out large inconvenience and obstacles.

Answer 3

you can save up to 4k a year, but just remember since we both are young--- putting money into that account-- if you ever withdraw it you will be taxed big time, if you are young (22-25) you might just want to start putting it in stocks and get that part of your portfolio going then when your earning (w2) are higher you can contribute more to 401k, ira

Answer 4

You can do $4000 per year. I imagine that you could do $125 a month.

Answer 5

You can put the entire annual amount in at one time if you want to.