If you're like many people, you might know that it's good to save for retirement with tax-advantaged accounts such as IRAs. But you might not appreciate just how much such an account can help you.

Would you believe that it's possible to amass more than $250 million in an IRA? Well, it's true -- that's what one of Warren Buffett's two investing lieutenants did, in his own IRA. Here's a look at how he did it, and what you might be able to achieve with an IRA.

First, understand that there are two main kinds of IRAs: traditional and Roth. You can contribute up to a total of $7,000 to IRAs (traditional and/or Roth) in 2024, plus an additional $1,000 if you're 50 or older.

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Source Fool.com