I am 20 years old. If I put $7000 in my IRA and invest in an S&P 500 (expecting an average rate of return of 10% per year) when I'm 65 I'll have over 500k???? Is this right??? Or is it not compound interest? Is the yield lower? I currently have 20k in savings so if I am right I could just max it out for the next couple years and not really worry about retirement? I also have ~2k in my 401k. This seems to good to be true.