Will a $1 million nest egg buy you your dream retirement? Maybe.

The reality is that many people fixate on that $1 million savings target without putting a lot of thought into what it actually means for them. But if the idea of saving $1 million sounds good to you, then it's important to take the right approach to building wealth.

To amass a large nest egg, you'll need to part with some of your money -- that's a given. But you may be able to turn $100,000 in 401(k) or IRA contributions into a nest egg worth $1 million in your lifetime. Here's how.

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Source Fool.com