Many of us have saved some money for retirement, but much less than we will need. If, for example, you’ve got $100,000, you might be aiming to have $1 million by retirement. That’s a decent goal, though many people might actually need more than a million-dollar nest egg — especially if retirement is a decade or more away.

Each of us should take some time to estimate how much we’ll need for retirement — and, importantly, how we’ll get it. Here are seven strong strategies that can help you reach your goal — whether you’ve already got $100,000 under your belt or not.

Image source: Getty Images.

1. Live below your means

First is a simple rule everyone should live by: Live below your means. If you earn, say, $75,000 annually, don’t spend $80,000. Living below your means should include actions such as getting out of any high-interest rate debt (such as debt from credit cards) and using a household budget.

To keep costs under control, it can help to boost your income. You might consider taking on a side gig for a short or long while, and you might ask your boss for a raise, too.

2. Have an emergency fund

It’s also smart to have an emergency fund at the ready, with at least three or more months’ worth of all nonnegotiable expenses (such as taxes, housing, food, transportation, utilities, etc.). Few of us expect to be laid off or to face sudden huge expenses such as a big car repair or major surgery, but such things do happen.

If you have an emergency fund to tap at such times, you won’t be thinking of liquidating savings or retirement accounts or taking on fresh debts.

3. Invest simply — via an S&P 500 index fund

Stocks have outperformed bonds, cash, gold, and more over many multidecade periods. So consider parking much or even all of your long-term dollars (those you won’t need for at least five, if not 10, years) in the stock market. The simplest way to do so is through a broad-market index fund, such as one that tracks the S&P 500 (SNPINDEX: ^GSPC).

Such an index fund can be all you need to amass a fat nest egg — the table shows how your money might grow:

Data source: Calculations by author.

There are many great index funds to choose from, such as the Vanguard S&P 500 ETF (NYSEMKT: VOO) or the SPDR S&P 500 ETF (NYSEMKT: SPY).

4. Favor dividend-paying stocks

You can do well to include a bunch of dividend-paying stocks in your portfolio, too. If they’re tied to healthy and growing companies, their share prices should rise over time, while their dividends will also tend to increase.

The power of dividend-paying stocks is often underappreciated. Check out these numbers, adapted from a Hartford Funds report:

Data source: Ned Davis Research and Hartford Funds.

The following solid exchange-traded funds (ETFs) can quickly have you invested in lots of good dividend payers:

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

5. Make use of tax-advantaged retirement savings accounts

Making good use of tax-advantaged retirement accounts such as IRAs and 401(k)s is another savvy move — because paying less in taxes means you keep more of your money.

Both IRAs and 401(k)s come in two main varieties — traditional and Roth. A traditional account receives pretax contributions and shrinks your taxable income by the amount of your contribution. A Roth account accepts after-tax money, and if you play by the rules, all your withdrawals in retirement can be tax-free.

6. Aim for faster growth with growth stocks

With index funds and/or dividend-paying stocks, you can be all set to increase your money powerfully over many years. You might still want to try to juice your returns, though, perhaps via some growth stocks — ones tied to companies growing at a faster-than-average rate. Just know that some such companies can end up flaming out, so never put too many eggs in any one basket.

In fact, our Foolish investing philosophy suggests buying into about 25 or more companies and aiming to hang on to your shares for at least five years. One good growth-stock strategy is just to invest in one or two powerful growth-stock funds.

7. Have a plan — and stick to it

The most important thing is to take some time to develop a solid overall retirement plan — and then stick to it. That’s much easier said than done, because if the market retreats or stagnates for a year or two, you may give up on it.

Don’t give up. Know that there will be ups and downs, but that if you stick with it, your money can grow in eye-popping ways.

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Selena Maranjian has positions in Schwab U.S. Dividend Equity ETF. The Motley Fool has positions in and recommends Vanguard Dividend Appreciation ETF and Vanguard S&P 500 ETF. The Motley Fool has a disclosure policy.