Planning to set up a retirement fund? Are you aiming for a million dollars by the time you reach a certain retirement age? Many experts say the key to building ready money for old age is to save and invest early and regularly; this can put you on your way to reaching your million-dollar milestone by age 67.

For a sure way to reach this goal, you need to start in your 20s and put away about $400 or more a month. Are you on track with this savings scheme? If yes, then good for you. Unfortunately this may not be possible for everyone. So there’s an alternative. It’s investing.

Using CNN Money’s millionaire calculator, you can reach your million-dollar goal by putting in $300 into an investment account every month; this can be possible even if you started from scratch with no savings. Here’s a breakdown of things to help you get a good glimpse of the scheme.

  • At a rate of return of 4 percent, you can reach your million-dollar goal in 62 years.
  • Too far away from your future? Want something sooner? Try this. In 48 years, you can reach your goal by making an investment with a 6 percent rate of return.
  • Did you know we can still cut the years to just 39 years? Invest in a fund that offers an 8 percent rate of return.
  • This one’s the best yet. You can become a millionaire with your investment fund in 34 years. Look for an account that offers 10 percent rate of return.

The numbers may seem very promising, but there are many variables to this in relation to your million-dollar goal. The leading factor is age—the younger you are, the earlier you’ll get to the finish line. Also, putting away $300 or so may not be a completely reliable plan in the long run.

When it comes to building wealth in preparation for your retirement, you also need to consider working on ways to squeeze more out of your budget. Get into your expenditures and see what may be ditched so you can dedicate the amount for your more investing and saving.

You might also want to learn more about compound interest, and take advantage of getting interest on top of the interest earnings accruing from your investment. This means you end up with more money, which you can use on more investments later.

Is $300 a month maxing out on your budget? You are not alone. According to research, the amount is more than what most Americans can manage in a month. In fact, the average that many can do away with is $175.

So what’s the alternative?

If $300 is too much for you, there are low-stress ways that you can do. Check out these few simple tips to help you get started on investing.

  • Sign up for a 401(k) plan or any scheme offered or matched by your employer.
  • Look into individual retirement accounts that give tax breaks.
  • Consider micro-investing apps, which can help you kickstart your investing. Apps like these help people begin with small amounts or allow “spare change” investments. It’s a good way to get those coins to good use and make them work in long-term investing.
  • Check out automated investing services, which offer assistance no matter how much money you got in banks or similar financial institutions.

To learn more about micro-investing or preparing your retirement fund, get in touch with us.