Open a Roth IRA and contribute $222 a month starting at 18 to reach $1 million tax-free by retirement. If you start at 27, double the monthly amount. Invest in low-cost index funds and you'll avoid taxes on roughly $1.3 million in pre-tax earnings.
If you're a young person, you need to think seriously about starting a Roth IRA. With the plan I'm about to give you, you can retire with at least $1 million tax-free in your Roth IRA. Every time I mention a Roth IRA, I get comments like, "A million dollars won't be worth anything by the time I retire," or, "There's no way I can retire with just a million dollars in the bank." Here's my remark to those asinine comments. If you follow the plan, it will be $1 million more than you would have had. And it's tax-free, which means you would have had to have earned at least $1.3 million or more depending on your tax status to get $1 million clear. Now here's the plan. Go to the Vanguard website. No, they're not paying me to say this. That's just a good place to do this. Open up a Roth IRA account. If you're 18, you start putting about $222 in it a month. I realize for an 18-year-old, that's not chump change. You're going to need a job. If you wait till later, say 27, you'll probably need to double that amount per month. Once you've got the money in there, you'll need to invest it probably Index funds, but that's a
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