How to Turn $100,000 Into $1 Million for Retirement: 3 Smart Investment Strategies
There are multiple ways to achieve the retirement of your dreams.
Hitting your first $100,000 in your retirement portfolio is a big deal. It's a nice round number and a significant milestone because it's around the point where you will start to really notice how compound growth impacts your results. You may even begin seeing your portfolio's value increase more from growth than from new contributions.
But once you've cleared that level, it's time to raise the bar. According to a survey by the Federal Reserve, in 2022, the median U.S. retiree between 65 and 74 only had about $200,000 in their retirement nest egg. Even recognizing that many of the people in that age range would already have been drawing down on their accounts for a while, that isn't nearly enough to get a person through retirement comfortably in today's economy.
So, how do you turn that $100,000 into, say, $1 million by retirement? Fortunately, there are multiple paths to the same destination.
