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66. What the 2024 IRA Limits Mean For Your Retirement
The 2024 IRA limit has been raised to $7k a year! $8k if you're over 50! Listen to this episode to learn about why this matters and how IRAs are the key to early retirement.
You can leave your side hoe AKA brokerage account alone until you max this juicy, tax advantaged account FIRST at the start of each year.
The longer you wait, the more you're missing out on tax free growth. Every 3 months, companies pay out interest in the form of "dividends." These dividends compound more than basic AF interest in a savings account when you're reinvesting them.
$7k invested each year for 15 years: about $232,635. A whopping $120,635 of that comes from your money growing ITSELF. Tax free, if in a Roth IRA!
You CANNOT get these gains from a savings account. Investing grows money better long term.
Do you know you need to get started with investing but want help? Book a call here get started with 1:1 coaching; https://calendly.com/travelercharly/clarity?month=2021-03
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By @travelercharly
4.9
2929 ratings
The 2024 IRA limit has been raised to $7k a year! $8k if you're over 50! Listen to this episode to learn about why this matters and how IRAs are the key to early retirement.
You can leave your side hoe AKA brokerage account alone until you max this juicy, tax advantaged account FIRST at the start of each year.
The longer you wait, the more you're missing out on tax free growth. Every 3 months, companies pay out interest in the form of "dividends." These dividends compound more than basic AF interest in a savings account when you're reinvesting them.
$7k invested each year for 15 years: about $232,635. A whopping $120,635 of that comes from your money growing ITSELF. Tax free, if in a Roth IRA!
You CANNOT get these gains from a savings account. Investing grows money better long term.
Do you know you need to get started with investing but want help? Book a call here get started with 1:1 coaching; https://calendly.com/travelercharly/clarity?month=2021-03
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