Sat Jun 15 2024, by Tyler Gardner
How Investing $500 in Your Roth IRA Can Grow to $1.14 Million in 30 Years
If you were to invest $500 today in your Roth IRA and subsequently $500 a month for the next 30 years, investing that money into a low-cost index fund like Vanguard's VOO or Fidelity's FXAIX, you would most likely have $1.14 million waiting for you in the Roth IRA.
In contrast, if you were to put that money into your bank account, you would accumulate only about $180,000. That's a remarkable difference of $1 million.
The best part? Because it's a Roth IRA, you won't owe a single penny of that $1.14 million to the government in taxes. I don’t know about you, but I like having my money work for me, not someone else.
Source