Many people reach their mid-40s with little or no retirement savings, so if you are already sitting on 1 million dollars at that age, you are in an excellent position. You are ahead of most Americans by a wide margin.
Still, a million dollars is not the golden ticket it used to be. It may cover your basic expenses comfortably, but it probably will not fund a lavish retirement. Wanting to double that amount before leaving the workforce is completely reasonable.
In this Reddit post, a 46-year-old saver has already crossed the million-dollar mark but wants to keep building. If that balance can grow to 2 million dollars by retirement, their later years could be far more relaxed and financially secure.
The good news is that this goal is entirely within reach. With the right strategy, discipline, and long-term planning, doubling a 1 million dollar portfolio over the next couple of decades is realistic. And anyone in a similar situation can use the same tactics to boost their chances of success.
Keep funding that retirement plan to the max
If you are in your mid-40s with 1 million dollars saved for retirement and you are aiming to reach 2 million dollars by a typical retirement age, you probably do not need to worry. Historically, major U.S. stock indexes have delivered average annual returns of roughly 8 to 10 percent over long periods, including dividends. At an 8 percent annual return over 20 years, 1 million dollars grows to about 4.66 million. At 10 percent, it grows to roughly 6.73 million. That is not just doubling your money but multiplying it several times over. Of course, risks remain, including market volatility, inflation, sequence-of-returns risk, and future spending needs.
Given those numbers, the real question is not whether you can reach 2 million dollars but how much higher your savings might climb. If you stay invested and continue contributing consistently, your long-term portfolio growth could far exceed your current goal.
Your target also depends on what you consider a normal retirement age. Someone planning to retire at 55 faces a very different outlook than someone expecting to retire at 65 or 67. It’s worth thinking carefully about your timeline before setting hard targets.
In any case, if you can afford to keep maxing out your IRA or 401(k), it is smart to do so. You increase your future nest egg while also reducing your taxable income today. And once you turn 50, you gain access to catch-up contributions, which allow you to save even more. Even if you are already in a strong financial position, taking advantage of those additional contributions can only help your long-term plan.
Work with a financial advisor to meet your goals
A 2 million dollar nest egg by your mid-60s is more than achievable if you already have 1 million dollars saved in your mid-40s. Even without adding another dollar, your existing balance should continue to grow over time as long as it remains invested.
Still, even if you are in a strong position, it is wise to speak with a financial advisor to map out your long-term goals. An advisor can review your portfolio to ensure it is positioned for the growth you need and help you determine a realistic target based on your current situation and the age at which you hope to retire for good.
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