When it comes to saving for retirement, there's one strategy that stands out as both amazingly simple and tremendously powerful. It's such a potent tool for your retirement plan that it might be enough to make you a millionaire by the time you retire all by itself.

Best of all, you can probably get set up with everything you need for success in under 15 minutes. And after that one-time, brief investment of your time, you could go years without thinking about it again while it's working on your behalf to build your nest egg.

That strategy? Sign up to contribute to your 401(k) and invest it in stock-based index funds for their long-term growth prospects. Once you see the balance build over time, you'll realize that it really is a ridiculously simple retirement savings hack that you'd wish you had known sooner.

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Source Fool.com