I Want to Be a Roth Millionaire by Retirement. Here's How I'm Planning to Get There.
All told, I likely won't be able to pinpoint exactly how much money I'll need down to the penny for a comfortable retirement. Maybe $1 million will do the trick, or perhaps $400,000 in an individual retirement account will suffice, especially if I have other accounts to tap into. However, I do know that $87,000 -- the median retirement savings for American households -- won't cut it for me personally.
Since I probably have a good twenty to forty years before I hang up my professional hat, I'm assessing my potential income sources and expenses in retirement to get a clearer picture of my needs. To be on the safe side, I've set my sights on becoming a Roth millionaire. The best part? I won't have to worry about paying taxes on those Roth dollars in retirement because I'm taking care of the tax bill upfront. Here's my strategy.
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