Most Americans are not on pace to meet their retirement savings goals. There are a number of reasons for this, and not every household is dealing with the same circumstances. Still, it's important to understand the recipe for maximizing long-term performance. This way, you can assess your strengths and weaknesses, then measure your progress toward retiring a millionaire.

It's important to maintain the right asset allocation in your retirement portfolio. The allocation should reflect your goals, time horizon, and risk tolerance. To achieve this balance over time, most accounts should be invested across several asset classes, including growth stocks, value stocks, dividend stocks, bonds, and cash.

If you're looking to turn $100,000 into $1 million, assume that your priority is growth and that you have the appropriate time horizon and risk tolerance to prioritize growth responsibly. Investors who are at least 15 years away from retiring have the luxury of ignoring short-term volatility in favor of maximizing upside potential.

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Source Fool.com