Well, I actually did it. I found a way to max out out my Roth IRA for the year, including the catch up amount. For me, this is an amazing accomplishment. Less than four years ago I opened up my first investing account, a Traditional IRA. Now I have the Traditional IRA, Roth IRA, 401k and a couple small taxable investing accounts. This just goes to show, if you put your mind to something, you can achieve your goals.
While some might not think it is a big accomplishment to max out a Roth IRA for the year, I definitely think it is a big accomplishment. I used to think saving in retirement accounts was for the rich. I, like many people who work in factories, thought I would work as long as I could and then hope that Social Security would be enough to pay my bills. Now that I have changed my mindset, I see that anyone can save. I am now in control of my future. I plan to retire in about 7 years at 59 1/2 years old. Social Security will just be a bonus in my plan.
For those of you that have maxed out their retirement accounts, congratulations! For those who are contributing to retirement accounts but not yet able to max out the accounts, congratulations! You are way ahead of many other people. Keep working at it and you will reach your goals. If you have not started saving for retirement, I suggest starting now! I started saving for retirement late but should still be able to reach my goal. Thanks for reading and keep on investing!
*Disclaimer – I am not a financial professional. The information shared here should not be considered financial advice. I am just a factory worker sharing my experience as I strive to achieve financial freedom. Before investing or making any financial decision do your own research and due diligence or consider seeking the advice of a financial and/or tax professional.
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I use M1 Finance for my taxable growth account. M1 Finance offers promotions for signing up. At the time of writing this post, the promotion is for $10 but will vary from time to time and could be up to $50. If you are interested in M1 Finance and want to support the blog here is my referral link: https://m1.finance/ktIiFeOI5zDr
If you use the referral links listed above I could receive compensation. Please take the time to read the terms and conditions before signing up.
That is a great milestone. I remember back when I used to shake my head thinking I can’t even meet the max never mind the catch-up amount and like you I thought only the wealthy were doing this. Truth is once you take control over your finances its only a matter of when and not if. Keep it going!
It is amazing what a change in mindset can do! I am much farther along on my financial journey than I could have imagined just a few years ago. Thanks for following along!