3 Ways to Grow $100,000 Into $1 Million for Retirement Savings
Would you like to retire with $1 million? It's certainly possible for many people, even if you're starting out with a modest amount of seed money. The key is getting started as soon as you can and remaining disciplined enough to stick with your plan ... even when that's tough to do. Time and the market's long-term rising tide should take care of the rest.
To this end, here's a range of potential investment paths to consider if you're looking to turn $100,000 worth of savings into a retirement stash of $1 million. Notice they each require a different degree of risk-taking that's inversely correlated with the amount of time you'll need to reach your goal. Also note that taxes on any gains achieved during these time frames isn't being considered.
You won't be able to earn an average of 5% per year with the mere money market funds you typically hold at a bank or how you park your idle cash with a broker. But you don't necessarily have to invest in stocks to achieve this sort of annualized return, either.
Source Fool.com
