And that means that they can have IRAs. They can also do more with their IRAs, the kind of things that can turn $5,000 into $196 million in six years, tax free.
According to estimates by the GAO, more than 300 individuals or families have IRAs with balances greater than $25 million, while more than 9,000 have IRAs worth more than $5 million….
In its recommendations, the GAO said that Congress could “reorient” existing laws so that all taxpayers have access to the same investment strategies for IRAs. It said actions Congress could take include limiting the types of investments held in IRAs, setting a minimum required value for IRA investments, or setting a ceiling on accumulations in an IRA and requiring an immediate distribution of balances above that ceiling.
How a $5,000 IRA Can Grow to $196 Million in Six Years: GAO [WSJ Total Returns]