The annual contribution limit for Roth IRAs is relatively small at $6,500 for people under age 50 in 2023. Some may understandably question whether it’s worth it. The answer depends on how many years you have in front of you. But it is very possible too accumulate over $1 MILLION! On top of that, the money would be completely tax-free upon withdrawal, and pass to your beneficiaries free of income tax (based on current law). In this video we illustrate the potential outcome of 30 years of max funding a Roth IRA.
