Even if you begin saving in your 30s, you could still retire with $1 million: How much money you need to set aside per month

With proper planning, many Americans aim to retire as millionaires, as per Bankrate's recent savings survey.

According to Bankrate's survey, approximately one-third of American workers believe they will require $1 million or more to achieve a comfortable retirement. The median amount they estimate they will need saved up is around $875,000. Millennials are the most likely of all generational cohorts to think they will need to save at least $1 million to retire comfortably.

It is possible to achieve success even if you begin preparing later in life, such as at or after age 30.

To determine how much you'll need to retire, consider personal factors such as your desired lifestyle and travel plans. However, the key to achieving your retirement savings goal is to find a consistent strategy that you can stick with.

DON'T MISS: How to master your money and grow your wealth

"Matt Schulz, the chief credit analyst at LendingTree and author of "Ask Questions, Save Money, Make More," advises CNBC Make It that it's crucial to recognize that achieving financial goals is a marathon, not a sprint. Failing to do so could lead to discouragement and premature abandonment of the process."

CNBC determined the monthly savings required to achieve a $1 million retirement at age 65, starting at 25, 30, 35, and 40, assuming a starting balance of $0 and excluding unforeseen life events like market fluctuations, job loss, or career advancement.

If you start at 25

• Earning a 5% annual rate of return: $655 per month
• Earning a 7% annual rate of return: $381 per month
• Earning a 9% annual rate of return: $214 per month

If you start at 30

• Earning a 5% annual rate of return: $880 per month
• Earning a 7% annual rate of return: $555 per month
• Earning a 9% annual rate of return: $340 per month

If you start at 35

• Earning a 5% annual rate of return: $1,202 per month
• Earning a 7% annual rate of return: $820 per month
• Earning a 9% annual rate of return: $546 per month

If you start at 40

• Earning a 5% annual rate of return: $1,679 per month
• Earning a 7% annual rate of return: $1,234 per month
• Earning a 9% annual rate of return: $892 per month

The earlier you begin saving for retirement, the less money you will need to save each month, as shown by the calculations.

If you can't start saving for retirement until you're 40, you could still achieve $1 million if you significantly boost your monthly contributions.

Taking control of your retirement savings

Although having a retirement savings goal can aid in the planning process, the amount reflected in your account can fluctuate due to factors beyond your control, such as market downturns or upswings.

Your savings rate, which is the percentage of your annual income you consistently contribute toward your retirement investment accounts, is crucial to focus on.

Fidelity Investment, a major 401(k) provider in the US, recommends aiming for a savings rate of 15%.

To catch up on retirement savings if you're in your 30s or 40s and have nothing saved, you'll need to significantly increase your contributions rate, advises Anne Lester, a retirement expert and author of "Your Best Financial Life: Save Smart Now for the Future You Want."

Almost a quarter of workers are unsure about how much they'll need to retire, according to Bankrate's survey.

CNBC Make It's retirement calculator estimates how much you may need and how much to save monthly to reach your retirement goal, taking into account your age, savings, and income.

"Mark Hamrick, Bankrate's senior economic analyst, emphasizes in Bankrate's report that the first crucial steps towards success are to set a goal and have a plan and process. He compares not taking these steps to driving without a seatbelt or with blinders on."

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