3 Ways to Grow $100,000 Into $1 Million for Retirement Savings
Building a million-dollar retirement fund isn't easy, but it is possible. And for many older adults, saving $1 million or more is a realistic goal. In fact, the average worker expects to need a whopping $1.8 million to retire comfortably, according to a 2023 survey from Charles Schwab.
There's no single best way to build long-term wealth, as your strategy will depend on your personal preferences and risk tolerance. But these three approaches can grow $100,000 into $1 million or more, and at least one of them will likely fit your needs.
Perhaps the simplest way to grow your savings is through a 401(k) at your job -- if you have access to one. With many plans, you can set up automatic contributions straight from your paycheck directly to your retirement account, making it easier to build saving into your budget.
Source Fool.com
