Political Quotes

“Just to emphasize the point, we talk about the magic of compound interest. I paid my grandson to come in and paint the fence. And I said, Look, will you put this $36 in a Roth IRA? He said, Geez, Grandpa, I want to put this in an account and buy a car with it when I am old enough. So I explained to him, Look, if you put this $36 in an IRA it doubles almost every 8 years. So I figured it out and projected it out so at age 65 he had $70,000 that that money would be worth because of the magic of compound interest; and if he waited another 7 years to age 72, then it would be worth $140,000. He said, Gosh, Grandpa, that is good; but could I just put most of it towards the car and a little bit towards the Roth IRA? So the magic of compound interest is what can make today's workers that are modest or median income retire as rich people. That is what we are trying to do is having something more than just Social Security but promise the Social Security, but then have the opportunity with the magic of compound interest to have retirees gain even more in their retirement years.”