When you think about it, the government allows you to put a ton of money into tax advantaged accounts. You just wouldn’t know it at first glance. Technically, a traditional or Roth IRA is the only tax advantaged account that every working person in the US has access to. As of 2017, the max contribution per person to those accounts is $5,500 per year. It’s a start, but someone saving only $5,500 per year will be saving for a long, long time.
Luckily, there are a ton more ways to save in tax advantaged accounts beyond just the IRA. You just need to think about what you need to do in order to gain access to the additional tax advantaged space. Admittedly, it takes a lot of work and some unique working situations in order to put away a ridiculous amount of money in this manner. Still, most people with totally normal working situations should be able to save much more than they probably think. This article will take a look at just how much someone could potentially save into tax advantaged accounts.