If I start a Roth IRA in a couple weeks, and keep contributing $7k per year to it, for years & decades, When will it pay off? When can it be money for me to spend? (lemmy.world)

submitted 1 year ago* (last edited 1 year ago) by LemmyKnowsBest@lemmy.world to c/personalfinance@lemmy.ml

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And does it multiply while it's invested in the Roth IRA?

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[-] thessnake03@lemmy.world 12 points 1 year ago

Money in an IRA doesn't automatically "multiply" as you say. You'd need to invest your contributions into something, like a stock or mutual fund

[-] LemmyKnowsBest@lemmy.world 1 points 1 year ago* (last edited 1 year ago)

this post was submitted on 17 Nov 2023

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