Episode 66 – What the 2024 IRA Limits Mean For Your Retirement
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.
About Charly
Charly is a formerly undocumented digital nomad helping first gen clients embody their millionaire selves. Charly’s clients go from feeling guilty and anxious about money to feeling empowered to make money moves and PLAY more. Work 1:1 with them here.
The language of money seems intimidating because it’s designed to exclude those who are not familiar with it. Charly is all about changing that and making our community wealthy AF!
Follow Charly on IG: @travelercharly