The Personal Finance Podcast - How Much Should You Have Saved in Your Roth IRA (BY AGE!)

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Starting point is 00:00:30 kitchen. These little freaks multiply at a rate that would make a rabbit say, yo, chill. But Laura shopped on Amazon and saved on cleaning spray, countertop wipes, and fly traps. Hey, fruit flies, your baby boom ends here. Save the Everyday with Amazon. On this episode of the Personal Finance podcast, how much should you have saved in your Roth IRA by age? What's up, everybody, and welcome to the personal finance podcast. I'm your host, Andrew founder of mastermoney.com. And today on the personal finance podcast, we're going to talk about how much you should have in your Roth IRA by age. If you have any questions, make sure you join the Mastermoney newsletter by going to mastermoney.

Starting point is 00:01:36 com slash newsletter. And don't forget to follow us on Spotify, Apple Podcast, YouTube, or whatever your favorite podcast player is. And if you're getting value out of this show, consider leaving a five-star rating and review on Apple Podcasts, Spotify, or your favorite podcast player. Now, today, we're going to be diving into how much should you have saved in your Roth IRA by age? And you guys love these by age episodes. And so we are so excited to kind of go through this with you because there are, is so much to cover in this episode. But before we dive in, in this episode, I want to talk about the power and the value. that is provided by the Roth IRA. Now, if you don't know what a Roth IRA is, it is a retirement

Starting point is 00:02:21 account that you can open up. And I'm going to talk about how it works first, but you can open one up at places like Vanguard or Fidelity, or you can open up one at Charles Schwab. There's a bunch of different great places to open one. And if you want to step-by-step guide on even how to open a Roth IRA or any investment account whatsoever, if you go to mastermoney.com slash investing for beginners, We have a free beginner investing class that teaches you how to open an account. So to dive into this a little bit more, here is how a Roth IRA works. First is your contributions. So you contribute money or put money into a Roth IRA.

Starting point is 00:02:56 And when you do that, that is money that has already been taxed. But the Roth IRA has tremendous tax benefits. Will you say to yourself, well, Andrew, how does it have tremendous tax benefits if the money has already been taxed when I put it into the Roth IRA? Here's where the power of the Roth IRA comes in. Because when you invest your money in the Roth IRA, meaning what you put money in, it's not invested yet, you still have to invest those dollars into something like an index fund or ETF or stocks or bonds or whatever else you want to invest in.

Starting point is 00:03:25 But once you invest those dollars, they grow tax free. Okay. So they grow tax free, which is a very powerful thing. Because over the long term, let's say, for example, you put money into a Roth IRA and you max it out over the course of 30 years. you have over a million dollars in that Roth IRA. Well, if you have over a million dollars in your Roth IRA over those 30 years, you're going to have over $850,000 that is completely tax-free that you never had to spend a dollar of tax on. Because then when you reach retirement age, which the Roth

Starting point is 00:03:56 IRA requires you to be 59.5 before you can pull this money out, you can pull the money out tax-free. Now, there's other rules involved in this that we will go into in a second. But this tax-free growth is so incredibly powerful because if you are a long-term investor, that long-term growth that is completely tax-free will be the majority of your account. It'll be a huge, huge portion of your account as time goes on. Now, if you pull the money out before age 59 and a half, you will have a 10% penalty. Now, this is only on the growth. The money that you contributed, you can pull that out at any point in time. So your contributions, you can pull those. back out. No, I don't recommend it because I don't recommend interrupting compound interest

Starting point is 00:04:41 unnecessarily, but you can at any time withdraw your contributions, tax-free, and penalty-free. Now, another great thing about the Roth IRA is Roth IRAs don't have what are called required minimum distributions. So things like your 401k and your traditional IRA, they are going to require you at a certain age to start pulling money out. Why? Because you haven't paid taxes on those dollars yet and Uncle Sam always want you to pay your taxes. And so at some point in time, they're going to require you to start pulling your money out of your 401k or your traditional IRA in order for you to be able to pay taxes. But this is why it is so incredibly powerful with the Roth IRA is you don't have to worry about those required minimum distributions. Now, there's contribution

Starting point is 00:05:26 limits and there's income limits with the Roth IRA. And we're going to talk about how to get around some of those income limits here in a second. But if you are under the age of 50, at the time, I'm recording this, and this usually goes up every couple of years, but the contribution limit is $7,000 every single year, okay? And then age 50 and older, it is $8,000 per year. So you have this cool thing called a catch-up contribution if you are over the age of 50. So you are allowed to put an additional $1,000 as a catch-up contribution at the time I'm recording this. Now, there are income limits to the Roth IRA. For single filers, if you want full contribution, it is $150,000. And as your income starts to grow there, then starts to get phased out a little bit. But I'm going to show you how to

Starting point is 00:06:08 get around this in a second. And if you are joint filers, then your full contribution is $236,000. That's the most you can make to contribute to a Roth IRA. If you make too much money to contribute to a Roth IRA, you can do what is called a backdoor Roth IRA. Now, in a backdoor Roth IRA, we've done entire episodes on this, and we've also done one on the mega backdoor Roth IRA. But the way that this works is that you open a traditional IRA, put money into the traditional IRA, and then convert that money to a Roth IRA. So if you make too much money, those are the steps that you would want to take, and you can look deeper into this to see if it works for you.

Starting point is 00:06:43 But I do that every January of every single years. I do my backdoor Roth IRA is one of the most important things that you can do as a high-income earner is understanding that you can still contribute to a Roth IRA. Now, to have a Roth IRA, one big thing to note is that you must have earned income. It is very important to understand that if you have zero earned income, meaning you don't have a salary or a W2 income, you cannot open a Roth IRA and contribute to it. You must have earned income. So if you're looking at this and saying to yourself, oh, I got a newborn baby and I want to

Starting point is 00:07:13 contribute money to that Roth IRA in their name, you can't do that. You must have earned income to be able to open a Roth IRA. Now, if you have a spouse who doesn't work, but you do work, you can open a spousal Roth IRA, which allows you both to have your own Roth IRAs and contribute to those. And I highly recommend that if you are married, that you each open your own Roth IRA and try to max those out because these dollars are so powerful because of that tax-free growth. Now, there are other important considerations that I'm going to hit on in this episode really quick up top here, and then we'll get into how much you should have in your Roth IRA by age.

Starting point is 00:07:47 There's also something called the five-year rule. Now, the five-year rule applies to your earnings within the Roth IRA. So to withdraw your earnings tax-free, the account must be open for at least five years. Now, contributions can be withdrawn at any time without penalty, but the earnings, you have to at least have it open for five years, and you must be obviously over the age of 59 a half, like we discussed earlier. Now, rollovers and conversions are another big thing that we just talked about, but you can roll over fronts from a traditional IRA to a 401k or into a Roth IRA. But taxes are owed on that converted amount, and that's the big caveat that I want you guys to understand because a traditional IRA when you put money into a traditional IRA, if you did not

Starting point is 00:08:34 pay taxes on that money or if you got that tax deduction at a previous year, you will owe taxes when you roll it over. Now, if you did not do a deductible contribution, meaning if you put money into the traditional IRA but did not get into a deduction on that, that's going to be similar to the backdoor Roth IRA, then you will not have to pay taxes on that money because you did not have a deduction on that. Beneficiary is a big one. You must make sure that you have beneficiaries on your Roth IRA. So if anything ever happened to you, you, you will not have to pay tax on. You you actually are ensuring that that money is going to the right person, and those balances can be passed down to heirs tax-free.

Starting point is 00:09:08 Another amazing benefit of the Roth IRA, making it a fantastic, amazing generational wealth tool. Now, there's also no age limit for contributions. As long as you have that earned income, you can contribute regardless of your age. So if your kid is a YouTube child star, then you can contribute to a Roth IRA as long as they have earned income, and you can only contribute up to that specific earned income.

Starting point is 00:09:31 Now, contributions are not tax deductible, unlike traditional IRAs. Traditional IRAs are tax deductible. When you contribute to them, the Roth IRA is not. You're going to get taxed somewhere, and Uncle Sam will always get their money, and so you've got to make sure that you just know where that is. And the biggest advantage of the Roth IRA is the ability to withdraw this money tax-free in retirement. So that is the quick breakdown of the Roth IRA and how it works.

Starting point is 00:09:55 I wanted to make sure that everybody listening to this, episode understands how powerful the Roth IRA is. And you may be asking yourself, well, when should I start investing in a Roth IRA? If you have an emergency fund that has at least three months of cash inside of that, you can start investing in a Roth IRA. That is one of the first investment accounts that I would be interested in if I was a new wealth builder is making sure that I am contributing to the Roth IRA because it is so incredibly powerful because that tax-free growth. And we're going to show you how powerful it is next because we're going to break this down by age. All right, so really excited to do this by age section.

Starting point is 00:10:29 First, we're going to go through the 20s. And in your 20s, this is going to be something where I want you to understand how powerful it can be if you start to max out your Roth IRA from various ages. So in the 20s, we're going to talk about the goal being by age 30. Here's how much you were going to have in your Roth IRA if you start maxing it out. Now, with all these calculations, we did a 10% rate of return. If you want to use an 8% or a 7% rate of return, go for it. More power to you.

Starting point is 00:10:57 Nothing wrong with that. But the way that we got the 10% rate of return is we just looked historically at the S&P 500 and what that had returned. And that is where we got the 10% rate of return. Just Google S&P 500 historic returns and you will see what pops up there. So at the time I'm recording this, that is where it is. If we are way in the future and something changes, we will let you know. So in your 20s, let's look at that first.

Starting point is 00:11:18 So if you started contributing to a Roth IRA and maxing that out at 8, 20. By the time you turned age 30, you would have $104,561 in a Roth IRA. So you'd hit your first 100K by age 30 in a Roth alone because you had a decade to do this. Whereas if you're starting at age 25,75, you would have $35,735 in your Roth IRA. That's a big, big difference between the two of them. And one thing I want you to note is everybody listening who is in their 20s or who knows someone in their 20s. Maybe you have a sibling or maybe you have a spouse who's in 20s or maybe you know of other people who you mentor who are in their 20s. This is the most important time to get started investing. Why? Because you have the most valuable asset of all, which is time.

Starting point is 00:12:05 And the earlier you start investing your dollars, the more time you will have for those dollars to compound and grow. And if you can, in your 20s, if you make no other financial goals, make your biggest financial goal to be to max out a Roth IRA every single. year. You cannot get these years back. You cannot go backwards and start to make extra contributions. You can only put the $7,000 per year inside of the Roth IRA. So you have the most valuable asset that everybody else listen to this podcast who has not opened a Roth IRA does not have. You have time. And time is amazing in a Roth IRA because the more time you have, the more compound interest is going to grow, the more your investment snowball is going to grow over time. The

Starting point is 00:12:52 less you will have to pay in taxes on those investment returns and the larger your account will be. You're going to see how big your account can get. I'm going to go all the way into the 60s and I'm going to talk to you in the 20s and show you how big your account can get when we get to those age ranges. Now, tips to max this out. Number one is I want you to think through automating contributions directly from your paycheck. Every time you get paid, if you just automate those contributions into a Roth IRA IRA and make sure they are invested because the number one mistake that I see people make with their Roth IRA is they do not invest their money. They put money in a Roth IRA and they think it's an investment. It is not an investment. This is the vehicle that allows you to invest your dollars. Once it's

Starting point is 00:13:34 in a Roth IRA, if you don't invest your money, you will have a zero percent rate of return and your money will never grow. You have to take that second step and invest those dollars. I want to make sure every single person understands this because I have seen so many people who have had a Roth IRA for a decade but never invested their money and did not reap the benefits of that compound interest. And so you've got to make sure that you were investing your dollars. Two, is as your salary increases, people in your 20s, I want you to make sure that you increase your contributions if you don't have the capability to max it out right now. Every single time you get a raise, take 50% and increase your Roth contributions and

Starting point is 00:14:12 take the other 50% and enjoy your life. But I want you to be able to grow your Roth contributions over time until you get to that max number. your goal should be to try to get to that max number as soon as you possibly can't. Three is use your windfalls. If you're going to get a tax return, like I'm recording this right around tax season, if you are going to go out and get a tax return, utilize that to fully fund your Roth IRA. That's an amazing way to do that.

Starting point is 00:14:36 Or if you get some sort of windfall like a bonus, use that to fund your Roth IRA. Do not delay because you cannot get those years back. Now, some of the biggest challenges for a lot of people in their 20s is A, we start off with lower incomes when you're in your 20s. This is a time frame where usually you don't make as much as someone in their 30s or 40s. Your 30s and 40s are the high earnings years, but you start to lose out more and more on time. But that is okay because even getting any amount inside of a Roth IRA is going to be powerful. I don't care if you can only invest $20 a month. You still should be getting those dollars in a Roth IRA and allowing this to compound over time. Also, a lot of people

Starting point is 00:15:16 within this age range are going to be struggling with things like student loans and other different financial burdens that may come about. And so just making sure that you learn how to navigate those. Keep listening to this podcast. We have so many episodes that come out that teach you how to navigate some of those challenges. And I want you to try to overcome this. Start gradually and start small if you cannot max it out and try to gradually increase those contributions. Maybe play a game with yourself and increase it by 1% every single month and see if you can get a point in time where you get to maxing this out. One big thing that I like to do too is I like to break this down into monthly. So let's say, for example, you wanted to figure out how much do I need to contribute to a Roth IRA every single month?

Starting point is 00:15:55 Will it be $583 every single month is what you need to get into your Roth IRA? So if you can move that money over every single month, that would allow you to grow your wealth over time. And so $583 is the magic number right now. And if you are over the age of 50, it is $667. And so those are some of the tips for folks in their 20s. Now, let's get to the 30s. All right, if you are in your 30s, now is the time to buckle up. This is the time frame that I want you to start making sure that you have cash going into a

Starting point is 00:16:29 Roth IRA so that over time you can grow your wealth. This is going to be one of the most powerful ways that you can grow your wealth over time. And so for someone who started at the age of 20 and they wanted to look at, okay, well, I went through my 30s. I also started to max out my Roth IRA in my 30s. I went through my 20s and my 30s. And now by age 40, here's how much they would have in their raw. They'd have $393,925. The person that started at age 25 would have $215,407. Now, if you start at age 30,

Starting point is 00:17:00 if you were in your 30s, and obviously you had that first decade, it's going to be $104,000. And then at age 35, it's going to be $35,735.75. Now, folks in their 30s, a lot of them are going to have some additional financial struggles outside of just what they had before. A, you are probably going to have less time than you had in your 20s. In your 20s, maybe you had a little more flexibility and freedom, even though it didn't feel like it. Maybe you didn't. But for some situations, you may have had a little more flexibility because in your 30s, you're going to start to get married, maybe you're going to have kids, maybe life is just going to get busier within your career because your career is taking off and you're taking on management responsibilities.

Starting point is 00:17:38 And so your time is dwindling. This is where it gets messy. It gets tough. It feels like every single hour of your day is focused on something. And so you're losing time. You're losing out on some of those things that you really wish that you had back. And so maxing out your Roth IRA before contributing to other retirement accounts may be one of the biggest priorities for you as you go on and try to look at this. Maybe you have kids and daycare costs are eating away at some of this stuff too. And so we got to figure out ways to navigate this. And so one big tip is to figure out ways to earn extra income. One is negotiate your salary. These are key earning years in your 30s and 40s. And so we want to make sure that we are negotiating our salary. We're looking at things like side

Starting point is 00:18:17 hustles to help boost our income so that we can ensure that we are maxing out that Roth IRA. And then also adjust your contributions whenever you get a raise. Continue to be doing that just like you were in your 20s to try to get to that max out number if you have not already. Now, lifestyle inflation is a big deal for a lot of people in the 30s. A lot of folks are having kids and family members and all these expenses are rising. And so the way to overcome this is to automate your contributions and treat savings like a non-negotiable bill. Too many people out there, do not treat savings as a non-negotiable bill. But that's exactly what it is. If you want to learn how to build wealth, you need to treat your savings as a non-negotiable

Starting point is 00:18:55 bill. No if ands or buts about it, that is the way it has to be. You need to pay yourself first and then spend what is left over. That is the key in automating this is the way that I would look at doing this. Because you can see the power of this. Someone who starts early enough is going to have a really large Roth IRA that they can utilize and pull and draw down tax free. Now, let's get to the 40s. I remember when I needed to hire someone fast, but finding the right person quickly felt impossible. And if you've ever been there, you know how stressful this can be.

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Starting point is 00:22:25 So if you are in your 40s and your goal by age 50 is to max out your Rotha ARA, here is what is going to happen if you got a 10% rate of return. So the person who started at age 20, okay, 30 years down the line, by the time they turned age 50, they're already going to be the first ones to have a million dollar off IRA, meaning that if you max it out from age 20 to age 50, you would have $1.374 million. If you're the person who started at age 25, that five year difference, look at this difference here, guys. Look at the difference if you just waited five years, is a half a million dollar difference because the person

Starting point is 00:22:57 starting at age 25 would have $849,000. If you started at age 30, you'd have $514,000. If you started at age 35, you'd have $284,000 at age 40 is $104,000 and age 45,000 is $35,000. This is the amazing power of compound interest and allowing time to grow your wealth over time. I can't wait to show you what this is going to be in the 60s as we go through this, but this is why it is so incredibly powerful. Now, tips to maxing out your Roth IRA in your 40s, obviously all the other things we talked about in their 20s and 30s are going to apply here in your 40s, but in addition, I want you to continue to make sure that maxing out your Roth IRA annually at that 7,000, $7,000 per year is a very high priority and that you're using bonuses, you're using extra income.

Starting point is 00:23:45 Your income should be high enough in your 40s where you are now maxing out your Roth IRA. Now, if you started over your career or you just never got your income over that hump, now is the time to take this seriously because statistics show that people in their 30s and 40s are going to have their highest earning years within those two decades. And so because of this, we need to make sure that we are earning as much as we possibly can. This can be our highest earning potential. Now, can you earn a lot in your 50s as well? Absolutely, your 60s, whatever else. That is without question. But you need to make sure that you are getting these dollars into the retirement accounts as time goes on.

Starting point is 00:24:18 And then you want to make sure that you are balancing your portfolio and have a portfolio strategy within that Roth IRA that fits your risk tolerance. That is a very important caveat. Now, a big challenge for a lot of people here is saving for kids college or maybe you have a mortgage. And you are trying to figure out how to prioritize your Roth IRA over all these different things. But you got to make sure that you are prioritizing your retirement over some of these other things like saving for your kids college. You got to take care of yourself first. Then you can help others with what is left over. We call it the oxygen mask method because it's the same thing as when a plane is going down.

Starting point is 00:24:52 When a plane is going down, what do they tell you to do? You can take care of your oxygen mask first. Then you can help other people. And because of that, that is what we teach here when it comes to your money. There are no loans for retirement. There are loans to go to college. But there are no loans for your retirement. so your retirement needs to be taken care of first before you help your kids with their financial goals.

Starting point is 00:25:13 So that is going to be a huge one for a lot of people in their 40s because I know, hey, maybe you just aren't maxing at your Roth IRA, but you're also putting a lot of money into a 529 account. You need to pause those 529 contributions, move it over to the Roth IRA so that you can get your retirement taken care of. That is a huge, huge thing that you need to do. So let's go into the 50s and let's see how far our money has grown. All right, folks, in your 50s, you get to take advantage of this amazing. amazing thing called the ketchup contribution. So you can actually put an additional $1,000 every single year if you are age 50 and above. So let's see what would happen for folks. By age 60, let's see what would happen if they invested their dollars and what happens if they started there.

Starting point is 00:25:54 And this is also going to include the $1,000 ketchup contribution for everybody within this category. So if you started at the age of 20, 20 year olds, this number is absolutely amazing. This is where it would be when you could start to pull money out. And this is the power of compound interest and why it is so amazing. So if you started investing in a raw fire rate at age 20 and you maxed it out every single year with a 10% rate of return, by the time you turned age 60, you would have $4,473,9333 in that raw fire rate. If you start at age 20, you just absolutely changed your life. But here is how crazy it is if you started five years later. Because if you started at age 25, you would have $2,9202.000.

Starting point is 00:26:37 $25,000 in your Roth IRA. Still an amazing balance within your Roth IRA. It is a $1.5 million difference from the person that started at age 20. Now, most of us do not have $7,000 to put into a Roth IRA at age 20. I know I didn't. And so it's one of those things where, sure, it is a catch-22, but time is so amazing when it comes to compound interest. Starting at age 30, you would have $1.874 million in your Roth IRA. And a huge portion of that would be completely tax-free. At 30, $1.187 million. If you started at age 40, you'd have $727,000 in your Roth IRA. At age 45, $424,000 in your Roth IRA.

Starting point is 00:27:18 At age 50, 2227, and at age 55, if you started then, you would have $87,931 in your Roth IRA by the time you turn age 60. Again, all of those numbers are the age that you started by the time you turned 60. And so that is where it is absolutely amazing what you can. do when you start to max out your Roth IRA and what time can do for your money. Now, tips to max out in your 50 is always, always, always take advantage of that catch-up contribution, meaning that if you started, you can max out with the full $8,000 per year every single year. And I would consider delaying retirement to keep contributing to growing your account if that is something that you're

Starting point is 00:27:59 interested in and you enjoy your job because that is something you could do to continue to grow your account over time. And then focus on higher growth investments while gradually shifting to conservative assets as you start to approach retirement age. And so what you want to do is typically most people as they reach retirement age, they consider adding some more bonds to their portfolio to kind of reduce that volatility. If you didn't hear our recent episode where we talked about the top portfolios, and we kind of went through 10 different types of portfolios that shows you the impact of bonds on volatility. And we actually go through that and show you some of the portfolios that are ranked from best to worst. And so that is one big thing that you want to think through. Now some challenges

Starting point is 00:28:35 for a lot of folks within their 50s is A, how do they navigate that market volatility and make sure that they are not selling assets at the wrong time? And B, how do they navigate health care expenses as those health care expenses begin to rise in their 50s? And so those are two big things that you want to try to try to diversify your portfolio and build that emergency fund. Making sure you have that emergency fund in place will ensure that you do not interrupt compound interest unnecessarily. So let's jump into the 60s. And in the 60s, I mean, I mean, some of these numbers are unbelievable by age 70. Obviously, it's a really long time for this to grow, but let's jump in this really quick.

Starting point is 00:29:13 The last one is I don't want to leave folks out who are in their 60s, so we are going to do one for your 60s as well. And for the folks you started at age 20, by the time they turned age 70, if they maxed out a Roth IRA. Now, granted, this is 50 years of maxing out a Roth IRA at a 10% rate of return. But if that was the case, and you started at age 20, you'd have $13,5802,000 in your Roth. IRA. If you started at age 25, you'd have 9,078,000. If you started at age 30, you'd have 5.8 million. At age 35, you'd have 3.7 million. You can see the massive difference on just waiting five years when it comes to compound interest. At age 42.3 million. At age 45, you'd have 1.4 million at age 50,809,000. At age 55, 3902,000. At age 60, 142,000, and age 65, 63,000.

Starting point is 00:30:03 And so for those who are in their 60s, tips here are to continue contributing until you can earn enough that it makes sense. And then plan your withdrawal strategically to avoid depleting your savings too quickly. So that's the big thing you want to do is making sure that you were thinking through this. Now, I want to talk through lastly here on common pitfalls and why people miss their targets on the raw fire rate. One is procrastination. A lot of people have heard about a raw fire array, but they're just not interested enough in trying to learn more about it. And so they procrastinate on getting started. As you can see here, the last thing that you want to do is procrastinate.

Starting point is 00:30:37 It could be a multi-million dollar decision to just wait five years to contribute to your Roth IRA. Making sure you start early is really, really important. Another common pitfall is people don't automate this process. Relying on your willpower is not the way to be successful with your money. And so automating this process and becoming fully automated with your investments is the number one thing that you need to make sure that you are doing and not increasing contributions when your salary grows. making sure that you can get to that max out number is very important. And if you are just consuming every single dollar that comes in as your salary grows, that means that you are allowing lifestyle

Starting point is 00:31:09 inflation to take over. Instead, what I want you to do is take a portion of that and put it towards your Roth IRA or your retirement accounts. And you can take the other portion and put it towards things that you love. But you've got to make sure that you are intentional about where you are putting your dollars. And so that is going to be a big, big deal for a lot of people. So here's my call action to you is I want you to start to think through this and think about what do I want out of my retirement. And if you want to have an amazing retirement, a Roth IRA is a very, very powerful source to be able to help you through that process because of the tax-free growth. And there are so many different tools that you can utilize out there that are going to help you with your Roth IRA.

Starting point is 00:31:48 Listen, if you guys are interested in learning more about the Roth IRA or just how it works, we have a free guide. And it's the Roth IRA Quick Guide. If you go to mastermoney.com resources, we have it there. And you can check that out as just a really quick. We try to condense all of this information into one quick and easy guide so that you can have an understanding of how the Roth IRA works. And again, if you want to learn how to open that account, just go to mastermoney. dot co. slash investing for beginners. And in that free workshop, we teach you how to open a Roth IRA. It is every Tuesday night at 8 o'clock p.m. So again, thank you guys so much for listening to this episode. Our goal is to bring you as much value as we possibly can. I hope we did that today.

Starting point is 00:32:29 If you guys have any questions, please join the Master Money newsletter and you can ask a question when any of those newsletter issues come out. Also, don't forget to follow us on Apple Podcast, Spotify, YouTube, or whatever your favorite podcast player is and cannot thank you guys enough for being here. We will see you on the next episode. When a country's productivity cycle is broken, people feel it in their paychecks, their communities, their futures. What does this mean for individuals, communities, and businesses across the country? Join business leaders, policymakers, and influencers for CGs' national series on the Canadian Standard of Living, Productivity, and Innovation. Learn what's driving Canada's productivity

Starting point is 00:33:21 decline and discover actionable solutions to reverse it.

The Personal Finance Podcast - How Much Should You Have Saved in Your Roth IRA (BY AGE!)

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