Romney's 100 Million dollar IRA - can anyone explain how he did this??

**Wibbins** · 08-20-2012, 10:21 AM

Originally Posted by FactsMatter

I have an IRA account for retirement but I can only contribute a few thousand dollars a year
How the heck was Romney able to get 100 million in his tax-deferred IRA account??

Has Romney explained how he did it?

You do understand what an ira is right? You put money into it each year which is then invested in nice mutual funds with long positive track records, that money then increases what you have in the ira, meaning if you put 5k each year +compound interest+plus the return of invesment it's fairly easy to get a few million

**NJCardFan** · 08-20-2012, 10:55 AM

Originally Posted by FactsMatter

So how did he do it? Are you really that disinterested?

Yes. It's his money to do with what he pleases. I know that's a hard concept for you leftists to understand but income really is earned and what you do with it once it's earned, as long as it's nothing illegal, is your business. Oh, and you do know that there are more Democrat millionaires in congress than Republicans, right?

Isn't it cute how this FactsMatter person(who is sounding really Hazlnuttish) is buying into the class warfare garbage hook, line, and sinker?

**TVDOC** · 08-20-2012, 11:26 AM

IRS rules will allow you to contribute up to 15% of your income to a 401K, where you are employed. If you earn 150 million per year (while at Bain), that's 10 million that he can put in the account, every year.......when you leave that employment, you roll-over that account to an IRA......

Simple.....

doc

**Novaheart** · 08-20-2012, 11:29 AM

Originally Posted by Wibbins

You do understand what an ira is right? You put money into it each year which is then invested in nice mutual funds with long positive track records, that money then increases what you have in the ira, meaning if you put 5k each year +compound interest+plus the return of invesment it's fairly easy to get a few million

That might explain some of the IRA balance, but not nearly all according to this article.

http://www.bloomberg.com/news/2012-0...gical-ira.html

**Retread** · 08-20-2012, 12:04 PM

Geez!!! This is ridiculous. With his income, business acumen and dedication to building his net worth it is a wonder it's not twice that.

When I cashed out from my last employer I received a cash balance from my retirement funds, what was left from a previous employer in similar circumstances, my 401(k) which had been doubled annually by employer contributions and rolled it all into one Fidelity IRA which I started RMDs two years ago.

I will not reveal the total but suffice it to say my IRA holdings increased 600% in 2 months as I consolidated all of the sources.

The bitter part of that is I could have left over half of that in a guaranteed 5% minimum return account for another decade but the IRS would not let me. As to the why, even they could not explain it as their take is the same regardless.

**txradioguy** · 08-20-2012, 01:12 PM

Originally Posted by Novaheart

That might explain some of the IRA balance, but not nearly all according to this article.

http://www.bloomberg.com/news/2012-0...gical-ira.html

Sounds like he only did what people like Buffett Gates and Turner have done.

**MountainMan** · 08-20-2012, 01:14 PM

Originally Posted by FactsMatter

So how did he do it? Are you really that disinterested?

Yeah, pretty much. I don't get worked up about how a man made his money since I'm not a jealous little moonbat. I figure if the IRS doesn't care, neither should I.

Maybe the better question you should be asking is how could a TAX CHEAT get nominated and approved as a Treasury Secretary than worrying about how you can't make the money Romney does?