Achieving a comfortable retirement with a $1 million portfolio may still be in reach, even for those who currently have no savings, according to financial experts. Through disciplined, regular investing and effective strategic planning, individuals can potentially build substantial retirement savings over time.

The primary recommendation is to start investing as early as possible, as this leverages the power of compound interest. Consistent investments, regardless of size, can gradually accumulate to significant amounts. But how much needs to be invested frequently hinges on individual circumstances, such as age and remaining time until retirement.

An essential strategy involves investing a portion of one’s annual income, with financial experts suggesting a savings rate of at least 10% to 15%. As an example, a person earning $50,000 annually who saves 10%—or $5,000 a year—in a tax-deferred account like a 401(k) or IRA, could potentially accumulate approximately $824,000 over a 40-year period, assuming an average annual return of 6%, according to data from Time.com. For those aspiring to secure a $1 million portfolio, increasing the savings rate to about 15% or more is advisable.

Investing in growth stocks, particularly those represented in indices like the S&P 500, is often recommended for younger investors or those with a longer investment horizon, due to their potential for higher returns despite the associated risks. Historical data underscores the S&P 500’s strong performance, with its stocks averaging an annual earnings growth exceeding 15% in recent years while maintaining low fees.

Furthermore, utilizing employer-sponsored retirement plans featuring matching contributions can significantly enhance savings potential. Setting up automatic transfers to retirement accounts is also highlighted as a means to ensure consistent saving habits, thus reinforcing financial discipline.

For a more tailored investment approach, consulting with financial advisors is advised. They can aid in identifying stocks or funds offering promising returns and help in adapting investment strategies to financial goals. The overarching message is that a flexible investment strategy aligned with realistic expectations and ongoing savings can pave the way to financial security in retirement.

Starting to save and invest early not only capitalizes on compound interest but also provides the investor with the flexibility to adjust their strategies as life changes, ultimately making the $1 million retirement dream more achievable.