Even if your retirement is many decades away, it's never too soon to start planning for a better financial life in your future. However, if you're aiming for the value of your retirement portfolio to hit the $1 million mark in the next decade, you would need to invest a much higher amount to begin with in order to reach this goal in that time frame. Turning an initial $300,000 investment into seven figures in a decade may seem like a lofty aspiration, but it would require an annualized return of just around 13% to make that happen.

Considering that the S&P 500 has delivered total returns of 220% over the past decade, which works out to 12.3% on an annualized basis, this begins to look like a much more attainable goal.  Many investors set a goal of having a $1 million nest egg when they retire. However, the way in which you work toward that milestone -- and how long it takes you to get there -- will be specific to your investment preferences, risk tolerance level, the types of stocks you buy, how much you invest, and how regularly you invest, among other factors. It's also wise to diversify your investments across various stocks and asset classes, as a more balanced portfolio promotes favorable returns in a wider range of markets.

With all that being said, if you have $300,000 available to invest right now, here are three powerhouse stocks to consider adding at least part of that amount to as you work toward your retirement goals, each of which has the potential to double or more over the next 10 years. 

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Source Fool.com