Everyone hopes to be a millionaire by the time they retire. But a lot of people think that you have to find crazy bargains on growth stocks to make that happen.

That's not the case. A well-invested portfolio that is given enough time to really benefit from compound growth will do the trick. You can set up a retirement account and gain diversified access to the stock market through just a few managed funds. Vanguard has some of the best of them in terms of low expense ratios.

These five would be excellent choices for your retirement portfolio.

As Warren Buffett has often said, the United States is still the best place to invest. With $658 billion in assets under management, the Vanguard 500 Index Fund Admiral Shares(NASDAQMUTFUND:VFIA.X) is a simple way for you to do just that. Set to track the S&P 500, this fund follows the large-cap segment of the U.S. stock market pretty closely. It performs almost in complete sync with its benchmark, trailing it by less than 0.05% annually over the last few years. If you want exposure to most of the big names in the stock market, this is the play.

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