Have $100,000? Here Are 3 Ways to Grow That Money Into $1 Million for Retirement Savings.

Hitting that first $100,000 is a remarkable milestone -- and it's probably the toughest. But once you reach it, the heavy lifting eases up as your money starts working for you.

If you're ready to take your portfolio to the million-dollar mark and let the power of compounding work in your favor, here are a few smart strategies to consider.

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1. Cruise to wealth with index funds

If you like your investing simple, index funds keep it straightforward and low-maintenance.

An S&P 500 index fund, for example, is a popular choice that lets you tap into the performance of 500 of America's biggest players. We're talking about tech giants like Apple, Nvidia, and the rest of the Magnificent 7, plus companies like General Motors and Zoetis, a leader in animal health. An index fund gives you instant diversification so you're not betting it all on just a few big names.

Historically, the S&P 500 has averaged around a 10% return. That means a $100,000 investment could grow to $1 million in less than 25 years if the market continues to deliver those kinds of returns. Of course, actual results could be better or worse.

2. Growth stocks can be rewarding if you can ride the waves

Growth stocks can be exciting for their potential to deliver jaw-dropping returns, but they're also a bit of a rollercoaster. Take AI chip powerhouse Nvidia (NASDAQ: NVDA), for example. If you'd invested $10,000 a decade ago, that investment could have grown to nearly $3 million today, with dividends reinvested.

The challenge? Sticking with a company like this through the ups and downs. Nvidia's share price took several significant hits before its meteoric rise. Growth stocks tend to experience wild swings, but some of the biggest gains often come right after the toughest dips. Keep in mind, though, that stock market returns aren't guaranteed, and most growth stocks don't pay dividends. Those companies are more focused on reinvesting in the business.

If you're going down this path, consider staying up to date on your investments and think about adding some growth-focused ETFs to smooth out the ride. Also, dividend-paying assets can be a beautiful companion to growth stocks, adding a bit of income and even more potential if you reinvest those dividends.

3. Keep the machine going

Saving $100,000 is a great start. However, if you keep feeding the machine with a good amount of contributions over time, you can supercharge your retirement savings.

And here's the kicker: putting extra money into accounts like a 401(k) or IRA (individual retirement account) comes with tax advantages that make the rewards even sweeter.

Starting with $100,000, check out how fast you could hit the million-dollar mark by investing an additional $12,000 annually -- or cranking it up to $60,000 per year and snagging an 8% return. And if you add in dividends and reinvest them? Well, your rewards could really take off.

Calculations by author via calculator.net.

Even if you haven't saved up $100,000 yet, you can still reach your goal. The keys? Consistency and patience. Regularly socking away even modest amounts over time can supercharge your portfolio.

Here's an example of how $7,000 invested annually can grow over time if you're able to earn an 8% or 10% return.

Data source: Author calculations.

With the right strategy and mindset, you can slam dunk your retirement goals -- even if the market doesn't behave exactly as expected. Remember, you don't have to stick to just one strategy. A diversified portfolio can boost your resilience and keep you on track through market ups and downs. If you have a longer time horizon, use it to your advantage. Time has the power to teach you how to make smarter decisions -- if you make the most of it -- and that can set you up for success now and in retirement.

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