Saving $1 million for retirement may seem like a lofty goal, but it's more attainable than you might think.

If you have $100,000 stashed away in your retirement fund, you're already making fantastic progress. Growing it into $1 million just requires time and consistency.

Exactly how much you'll need to save each month depends on your timeline. Compound earnings will help your savings grow more over time, but it takes several decades to see substantial returns. The more time you have to save, the less you'll need to invest each month.

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Source Fool.com