So you have $100,000 and you want to build it into $1 million by retirement. That’s great! Even if you have less — perhaps a lot less — than $100,000, there are multiple strategies you might employ to build your wealth.

Here’s a look at several ways to grow $100,000 — or perhaps just $0 — into $1 million or more by retirement. (Note that for many people, $1 million won’t be enough, and a higher target might be needed.)

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1. Invest the lump sum and let it grow

You might just sock that $100,000 lump sum into, say, an exchange-traded fund (ETF) with a low fee that tracks a broad-market index such as the Vanguard S&P 500 ETF (NYSEMKT: VOO) and let it grow for a long time. Such a simple and easy strategy can be surprisingly effective.

Know that the S&P 500 has averaged annual returns close to 10% (ignoring inflation) over long periods, though that’s never guaranteed. So here’s how long it will take for your $100,000 to reach around $1 million, with your money growing at different rates:

Calculations by author.

2. Do the math to see how much you need to save and invest each month

Of course, many of us don’t have 30 years or even 20 in which to grow our money before retirement. And many of us don’t have $100,000 at the ready, either. So check out the table below, which assumes you start with nothing. It shows how much you need to invest each month to reach $1 million over various periods, at various annual growth rates.

Source: Calculations by author.

You might prefer to focus on the right-hand column, since it asks less of you every month, but the stock market doesn’t always behave as we want it to. So it’s best to hope for the best while preparing for the worst.

3. Consider investing in some growth stocks

One way to achieve a faster growth rate, if you can handle greater risk, is to take some time to learn more about growth stocks and consider adding some to your portfolio.

You need to be able to handle volatility, though, because growth stocks can be particularly volatile. In fact, some may simply implode. To manage that risk, you need to spread your dollars across a bunch of them. Our Foolish investing philosophy suggests buying into around 25 or more companies and hanging on to your shares for at least five years.

Anyone interested in growth stocks would do well to consider some ETFs with impressive growth rates. (An ETF is a fund that trades like a stock.) A few to consider are:

• iShares Semiconductor ETF (NASDAQ: SOXX)
• Vanguard Information Technology ETF (NYSEMKT: VGT)
• Vanguard Growth ETF (NYSEMKT: VUG)
• Vanguard S&P 500 Growth ETF (NYSEMKT: VOOG)

If you look up the performance of the ETFs above, you’ll see that over some periods, some have averaged annual gains near or above 15%.

4. Respect the power of dividends

You shouldn’t feel any pressure to take chances on growth stocks, though — especially when you might favor healthy and growing dividend-paying stocks instead. (You can always invest in some of each, of course, and some fast-growing companies also pay dividends.)

Dividend payers can deliver fairly dependable regular income, plus likely stock-price appreciation and dividend increases over time. That’s hard to beat. They tend to perform well, too. Check out the numbers below, adapted from a Hartford Funds report:

Data source: Ned Davis Research and Hartford Funds. Note: The dividend payers category includes three subcategories: dividend growers and initiators, no change in dividend, and dividend shrinkers and eliminators

There are ETFs that focus on dividend payers, and they can make it very easy to quickly start receiving meaningful dividend income. Below are a few standout ETFs. Look them up and see how they have grown over time.

• Schwab U.S. Dividend Equity ETF (NYSEMKT: SCHD)
• iShares Core Dividend Growth ETF (NYSEMKT: DGRO)
• Vanguard Dividend Appreciation ETF (NYSEMKT: VIG)

So whether you have $100,000 now or far less, know that you can vastly improve your future financial condition if you start (or continue) saving and investing for retirement in sensible ways — such as by focusing on a broad-market index and/or dividend payers, and perhaps spicing things up with a growth fund or two.

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Selena Maranjian has positions in Schwab U.S. Dividend Equity ETF, Vanguard Index Funds-Vanguard Growth ETF, and iShares Trust-iShares Semiconductor ETF. The Motley Fool has positions in and recommends Vanguard Dividend Appreciation ETF, Vanguard Index Funds-Vanguard Growth ETF, Vanguard S&P 500 ETF, and iShares Trust-iShares Semiconductor ETF. The Motley Fool has a disclosure policy.