Question

Starting at age 20, how much money will randy have to invest each month into a Roth IRA in order to have a million dollars by age 65 ? His starting balance is zero

Answer 1

For randy to become a million dollars she should start investing approximately $320 dollars per annum from the age 20. So that she can achieve her goal of million dollars at the age of 65. This is at 6% rate of return per annum. If rate of return changes her investment also changes.