The Magic Number for a "Comfortable" Retirement is $1.2 Million. Here's How Much You Might Need to Invest Each Month to Be on Track for That

How much someone needs for retirement can vary greatly depending on where they live and what kind of lifestyle they want to maintain. According to a recent retirement survey from investment firm Schroders, in order to "retire comfortably," Americans estimate they'll need to have around $1.2 million saved up.

That's a high figure, but the good news is even if someone doesn't have a large lump sum saved up today, they can still potentially be on track to retire with that much by making regular monthly investments in the stock market. Here's a look at how much someone would need to invest each month to be on track to reach that goal.

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The S&P 500 is a fairly safe way to invest in the stock market. The index tracks the top 500 U.S. stocks and provides investors with exposure to a broad mix of sectors. But to generate the best returns, specifically targeting growth stocks may be a better move for investors.

The Vanguard Growth ETF (NYSEMKT: VOO) does just that. Rather than trying to be too diversified, the exchange-traded fund (ETF) focuses on holding positions in the country's top growth stocks. That has enabled it to outperform the S&P 500 index funds in recent years. While the volatility from one year to the next can be high with growth stocks, for investors willing to hold on for not only years but decades, it can be a no-brainer option to invest in this type of fund.

The table below shows how much someone would need to invest, based on the number of years until retirement, and how this amount might vary depending on the fund's average annual return. The S&P 500 has averaged an annual return of 10% for decades, but with the stock market being fairly hot in recent years, I've included a slightly lower growth rate to account for the potential for lower-than-typical returns in the future, as well as a higher return of 11%. With the Vanguard Growth ETF focusing on top growth stocks, the hope is that it can outperform the market, as it has in recent years.

For those who can save and invest earlier, there's a big incentive to do so, as the monthly amount is much smaller because there will be more time for those investments to compound. While some of those numbers may look fairly high for older investors, they assume someone is starting from zero; those figures would be lower for investors who already have some savings stashed away or can afford to invest a large lump sum today.

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