Growing your portfolio to $1 million for retirement may not be enough to live comfortably. Not when you factor in inflation and how much more expensive it may be to live in the future. Aiming for a higher nest egg can put you on a much better path forward.

Getting to $1 million isn't easy, and targeting $2 million may seem completely insurmountable for the average investor. But even if you only have 22 years until retirement, you may not need more than a five-figure investment right now. Below, I'll show you just how much you would need at different ages to grow your portfolio to $2 million.

If you are only looking to mirror the S 500 and its historical 9.7% annual gains, then unless you start investing very early, it could be extremely difficult to get to $2 million. That's because while the S 500 is a safe invest, it may not generate the strong gains you need to significantly grow your portfolio's balance over time.

Continue reading

Source Fool.com