4 Ways to Grow $100,000 Into $1 Million for Retirement Savings
A popular retirement goal is $1 million, and for good reason. According to a recent study from GoBankingRates, $1 million is enough to cover 18.9 years on average of retirement living expenses in the U.S., and in some lower-cost states it could cover even more than that. In Mississippi, for example, it would last nearly 23 years.
Of course, getting to $1 million is the hard part, but if you already have $100,000 saved up, that goal is achievable. Contributing to your retirement account will help it grow faster, but even without extra contributions you can get there. Here are four ways to do it.
The easiest way to invest is to buy an S&P 500 index fund like the Vanguard S&P 500 Fund or the SPDR S&P 500 ETF.
Source Fool.com
