Want $1 Million in Retirement? Invest $150,000 in These 3 Stocks and Wait a Decade

Building your retirement account to $1 million may seem like a tall order if you're starting with just $150,000. But a lot can happen in 10 years, particularly if you invest your money strategically in stocks that are poised for exceptional growth.

Real estate investment trusts (REITs) are often overlooked as a way to grow a retirement account, but they can be a great way to turn $150,000 into $1 million or more. REITs invest in real estate and real estate-related securities, allowing investors to not only diversify their portfolio in real estate but also earn reliable dividends, which can help boost your retirement savings' growth. For example, if you had equally invested $150,000 in Extra Space Storage, American Tower, and Prologis in the spring of 2012, you'd be sitting on over $1 million-plus today, benefiting from favorable dividend returns.

The key to having million-dollar retirement status is determining which companies will shine during the next decade. If you're looking for ripe new investment opportunities to further diversify your portfolio, here's why Life Storage (NYSE: LSI), Sun Communities (NYSE: SUI), and NewLake Capital Partners (OTC: NLCP) are standout picks.

Source Fool.com