3 Ways to Grow $100,000 Into $1 Million for Retirement Savings
You might need $1 million to retire comfortably. Even with that much, the 4% rule would allow just $40,000 per year in retirement account distributions, and Social Security benefits can only add so much. Luckily, there are a few different strategies to help you build wealth toward that millionaire retirement goal.
This is the simplest option by far, but it's going to require patience. Index funds are designed to deliver that performance. There are numerous low-cost ETFs and mutual funds that you can invest your 401k, IRA, or brokerage funds.
There's nothing exciting about tracking the market, but it's a proven strategy for passive investors. Stock market growth is never smooth and linear, but it does tend to average a nearly 10% annual return over the long term. There are crashes and booms along the way, but the overall trend line has been reliable.
Source Fool.com
