Want $1 Million in Retirement? 3 Simple Index Funds -- and 12 Sector ETFs -- to Buy and Hold for Decades.

If you're saving and investing for retirement and you want to do well -- without having to become a stock market expert and top-notch analyst -- look to simple index funds. These track a particular index, such as the S&P 500, which is made up of 500 of America's biggest companies.

The corresponding index fund holds all or mostly all of the same components, in roughly the same proportion. Thus, it aims to deliver roughly the same performance, less its fees. And the best index funds tend to have ultra-low fees. Hooray, right?

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Here's a look at three simple index funds you might consider for berths in your portfolio. Note that each is an exchange-traded fund (ETF), which trades like a stock. ETFs have grown quite popular and are easy to invest in via any good brokerage. After listing them, I'll offer a host of sector funds for your consideration.

Image source: Getty Images.

The simplest and broadest index funds

If you want to spend the least time thinking about your portfolio, you might want to stick with one or more very broad index funds, such as the ones below:

Source: Morningstar.com.

The Vanguard S&P 500 ETF can be all you need. The 500 companies in it together make up about 80% of the total U.S. stock market's value. Its low, low expense ratio of 0.03% means you'll pay just $3 per year for each $10,000 you have invested in the fund.

The Vanguard Total Stock Market ETF has the same low fee and includes just about all of the U.S. stock market, including many small-cap and mid-cap companies that don't make it into the S&P 500.

The Vanguard Total World Stock ETF goes even wider, encompassing most of the companies on earth. It's perfect if you're bullish not only on the U.S. economy but also the world's -- or if you want a more geographically diversified portfolio.

Invest in one or more of these three, keep adding meaningful sums regularly, and you can build a hefty nest egg. Given that the stock market has averaged annual returns of close to 10% over many decades, the table below shows how your money might grow at a more conservative 8%. (Over your investing period, of course, you might average more or less than 8%.)

Source: Calculations by author.

You can see that you can amass $1 million or more just by regularly plunking certain sums into the stock market over a long period.

Sector index funds to consider

Of course, you might want to keep some of your assets in funds that could grow more briskly. For that, consider some impressive growth-focused ETFs.

Or concentrate instead on sectors or niches that you're very bullish about. Below are some top sector ETFs to consider. Sector funds generally track indexes, too -- just more-focused ones.

Source: Morningstar.com.

If you're like me, your eyes will go right to the top for the fattest returns. But remember that these are past returns, and the coming years might deliver different performance.

Think about which sectors seem most promising to you. In the coming years, do you foresee lots of homebuilding in the U.S.? Do you expect semiconductors to remain in great demand? Do you perhaps expect a recession, in which case you might want more-steady utility and consumer staples companies in your portfolio, delivering reliable dividends?

Think about what kinds of investments will best suit your risk tolerance and investment goals. Remember that a high average annual return might be due to a single outsize year -- and that a relatively low dividend yield might be growing faster than a higher one. Basically, look more closely into metrics that matter to you.

However you go about it, be sure to save and invest for your future -- and have a solid retirement plan. Whether with these ETFs or individual stocks or other investments, you might be able to amass $1 million or more by retirement.

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Selena Maranjian has positions in iShares Trust-iShares Semiconductor ETF. The Motley Fool has positions in and recommends Vanguard Real Estate ETF, Vanguard S&P 500 ETF, Vanguard Total Stock Market ETF, and iShares Trust-iShares Semiconductor ETF. The Motley Fool has a disclosure policy.