It's no secret that investing can help to grow your wealth over time and place you on solid footing for a happy retirement. Starting with just a four- or five-digit sum, you can steadily allocate more cash for your investment portfolio and reinvest any dividends you receive.

However, it's important to purchase stocks that can help you to compound your money over the years. For that to happen, you need to look out for key characteristics, include a sturdy business model with a strong competitive moat, tailwinds that can sustain for many years to come, and a capable management team that can steer the business through good times and bad.

With these factors in mind, let's look at three stocks that -- with sufficient time and patience -- can be helpful building blocks in creating a solid retirement portfolio of $1 million or more.

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Source Fool.com