Many people have the goal of being able to retire with $1 million. And while it can be argued that fixating on a specific savings amount isn’t so helpful, the reality is that a $1 million nest egg might do a lot of good for your senior years.

But that doesn’t mean you have to contribute $1 million to your 401(k) or IRA, or whatever account you’re savings and investing in, directly. That’s a lot of money to part with. If you make these moves, you might end up growing just $100,000 in contributions into a much larger sum.

1. Give yourself a long investment window
Some people don’t begin to focus on retirement savings until they’re in their 40s or beyond. But if you want to 10X your savings, you may need to start building a nest egg a lot earlier than that.

For each year you don’t start to invest your money for your future, you miss out on pivotal growth. Multiply that by a decade or two, and you might easily fall short. So if you want to retire a millionaire, begin investing as soon as you can start bringing home a steady paycheck.

Let’s say you end up pumping $100,000 into your portfolio over the course of 40 years, contributing $208 a month to your IRA or 401(k) plan during that time. If your portfolio delivers an average annual 10% return, which is consistent with the stock market’s average return over the past 50 years, you’ll end up with a little more than $1 million.

Another option? Save a bundle your first bunch of years in the workforce, invest it, and then sit back and do nothing.

Let’s say you’re able to save $100,000 for retirement by age 40. Even if you don’t add a dollar more to your 401(k) or IRA between then and age 65, you’ll end up with over $1 million if your investments deliver a 10% average annual return.

2. Branch out in your portfolio
A well-diversified portfolio could be your ticket to growing wealth and generating the strong return reference above. There may be certain market sectors you’re convinced are the most poised for growth. But if you limit yourself to those sectors alone, you might fall short of your goals.

Instead, buy stocks across a range of industries. Or, you can further simplify the process by loading your portfolio with S&P 500 index funds, which effectively allow you to invest in the broad market.

3. Put your dividends to work
You may hold stocks in your portfolio that pay you a steady dividend. Rather than take the money and run, reinvest those dividends over time. In fact, this is something you may be able to set up to happen automatically so you don’t need to think about it, and so you’re not tempted to take the cash and spend it elsewhere. (The temptation may be there if you’re saving for retirement in a regular, taxable brokerage account.)

The more money you have as a retiree, the more fulfilling that period of life might be. If you follow these tips, you, too, can turn $100,000 into $1 million over time.

— Maurie Backman

Where to Invest $99 [sponsor]
Motley Fool Stock Advisor's average stock pick is up over 350%*, beating the market by an incredible 4-1 margin. Here’s what you get if you join up with us today: Two new stock recommendations each month. A short list of Best Buys Now. Stocks we feel present the most timely buying opportunity, so you know what to focus on today. There's so much more, including a membership-fee-back guarantee. New members can join today for only $99/year.

Source: The Motley Fool