(Bloomberg) — If it seems impossible to amass a fortune in an IRA during your lifetime, think again.
The Government Accountability Office reported this month that about 9,000 U.S. taxpayers have each accumulated at least $5 million in individual retirement accounts. While the GAO didn't say how they managed to do so, Mitt Romney and some other successful executives offer a road map.
Outsized, tax-advantaged returns in such accounts drew attention during the 2012 presidential campaign, when Republican presidential nominee Romney reported he had an IRA worth $20 million to $102 million. Congress and President Barack Obama have scrutinized IRAs since, saying they weren't intended to be a tax shelter for millionaires and billionaires.
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