Would maxing your Roth IRA give you enough to retire?

Would maxing your Roth IRA give you enough to retire if you made no other investments? And now the max IRA contributions per year is $7,500, or $625 per month. Assuming you invest this money into the S&P 500, you could expect 8% returns on average. Here's what your life would look like if you did this for 20 years versus 30 years. If you did this for 20 years, you would end up with $368,000 in your Roth IRA. That means that you could literally have zero dollars in your 40s and retire with $368,000 in your 60s. And during retirement, you live off of 4.7% of this balance each year. Here is a safe withdrawal rate that makes sure that you don't drain your balance. It means that you would be able to withdraw $18,000 per year. Remember, this is tax free money, and so really this is probably more like making a $25,000 salary. Assuming that you didn't have social security, this would be really tough. News is that the average social security right now is $25,000 a year. So with social security, that would bump up your income to 43,000 dollars per year. Again, remember this is all tax free, and so it would probably feel like a 55 thousand dollar salary. So I think, in this situation, 20 years of investing with social security, you would be okay. Now, 30 years of doing this, on the other hand, you end up with $931,000 invested. By the way, only 4% of people actually retire with $1 million or more invested. And off of this salary, you'd be able to withdraw $44,000 a year. Again tax free, which means that even without social security, you're in the same position as the 20 year investor with social security. And so if we layer the social security on top of this, now you're talking about $69,000 of tax free money every year. Thing is, the average retiree lives off of 5,100 dollars per month. And so, if you are the 30 year investor, you get to live better than the average retiree. And remember, in both of these situations, we're only talking about if you invested the max contribution to a Roth IRA.