Core Insights - Amassing a million-dollar portfolio is achievable for many individuals with diligence and the right tools, such as a Roth IRA [1] Group 1: Roth IRA Overview - There are two main types of IRAs: traditional and Roth, with traditional accounts offering pre-tax contributions and upfront tax breaks [3] - Roth IRAs allow for post-tax contributions, enabling tax-free growth and withdrawals in retirement if rules are followed [4] - Roth IRAs can be effective retirement savings tools, featuring tax-free withdrawals and the potential for significant growth [5] Group 2: Contribution Limits and Rules - The contribution limit for Roth IRAs in 2026 is set at $7,500, with an additional $1,100 for individuals aged 50 or older, totaling $8,600 [6] - High earners may face income limitations for contributions but can utilize a "backdoor" conversion from traditional IRAs to fund Roth IRAs [6] - Withdrawals from Roth IRAs can be made without penalty after five years and reaching age 59 1/2, with contributions available for early withdrawal without penalties [6] Group 3: Legacy and Growth Potential - Funds in a Roth IRA do not have to be withdrawn, allowing for the possibility of leaving the account to a charity or loved ones [7] - The potential for growth in a Roth IRA is significant, with an example growth rate of 8% based on historical stock market performance [8]