3 Stocks to Help You Reach a New Retirement Goal of $1.7 Million

If your retirement dreams are to hit $1.7 million, these three stocks can certainly help you to get started.

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Many Canadians continue to believe they need to save up more and more for retirement. From 2020 alone, the amount Canadians think they need has increased 20% to $1.7 million!

Now it’s definitely debatable whether you need that much. But hey, with inflation, interest rates, and the payments and loans you make along the way, it’s a solid goal. Yet, how do you get there?

Today, I’m going to look at three stocks that could certainly help investors reach their retirement goal of $1.7 million over time.

Hydro One

If you want a solid producer, then you want a utility company. And one of the best deals out there is Hydro One (TSX:H). Hydro One stock is still in the early days when it comes to being on the TSX today. However, look at its peers and the plans for expansions and this stock could certainly climb high in the next few years and even decades.

Hydro One stock continues to be the largest energy producer for the most populated province in Canada, namely Ontario. As it continues to expand, the company could be a big winner. But it already is.

Shares of Hydro One stock are up 16% in the last year alone, soaring upwards year to date by 9%. Meanwhile, it offers a dividend yield at 2.76% as of writing. Since coming on the market in 2015, shares have increased by 86%.

Nutrien

Another company that’s still in early days compared to peers is Nutrien (TSX:NTR). Yet again, it provides essentials that will continue to climb in use as the years go on. Mainly because we continue to grow as a population year after year.

Nutrien is a company producing the crop nutrients needed to help farmers produce strong yields. And with the world’s population now up to eight billion, that need isn’t going to slow down. Yet it’s also one of the best run businesses out there, expanding through a strong ecommerce arm, as well as continuing to make mergers and acquisitions.

Yet Nutrien stock is down from 52-week highs reached with the invasion of Ukraine by Russia. NTR is now down 31% in the last year alone, trading at an incredibly valuable 5 times earnings as of writing. What’s more, you can grab a dividend yield at 2.95% while shares are down. Because they won’t be for long.

Brookfield Renewable Partners LP

Finally, if you want some more growth in the next few decades, you could direct your portfolio toward renewable energy. The world is shifting to this type of power, but few have the exposure and diverse range of assets that Brookfield Renewable Partners LP (TSX:BEP.UN) does.

Brookfield stock has been its own sidearm for the last two decades, but its parent company has been involved in green energy since 1899. The company now has assets, including everything from wind farms to uranium, located in every corner of the globe.

Yet again, after reaching all-time highs with the excitement of Joe Biden’s energy plans, shares have fallen dramatically. Brookfield stock is down 13% in the last year as of writing, though up 18% year to date. So again, it could certainly be a great time to pick up this long-term hold and its 4.41% dividend yield while it lasts.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Amy Legate-Wolfe has positions in Brookfield Renewable Partners. The Motley Fool recommends Brookfield Renewable Partners and Nutrien. The Motley Fool has a disclosure policy.

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