Approximately half of workers say they'd like to retire by 60, according to a 2018 survey from TD Ameritrade, but only one-third think they'll realistically be able to achieve that goal.

It takes commitment to be able to retire in your early 60s, especially if you're aiming to retire a millionaire. But it can be done, and there are a few steps you can take to reach this target.

1. Calculate how much you need to save

First, you'll need to set a monthly savings goal. Depending on how many years you have left before retirement, you may need to save anywhere from a few hundred to a few thousand dollars per month to retire a millionaire.

Senior man wearing sunglasses and throwing money in the air

Image source: Getty Images.

Play around with a compound interest calculator to see how much you'll need to save every month. Say, for example, you're 40 and already have $100,000 in savings. If you're earning an 8% annual rate of return on your investments, you'd need to save roughly $1,000 per month to retire at 60 with at least $1 million.

Be prepared to make budget cuts, too. It can be overwhelming to find out you need to save thousands of dollars per month, but you may be able to find more room in your budget than you expect.

In addition, keep in mind that if you have access to a 401(k) with matching contributions from your employer, that money counts toward your savings goal. By maxing out your employer match, you won't need to save quite so much on your own.

2. Start investing right now

The more time you have before you retire, the easier it will be to reach $1 million. Waiting even a year or two to start saving can make it more difficult to reach your goal, so it's best to start right away.

For instance, in the previous example, you'd need to save $1,000 per month to retire a millionaire if you started saving at 40. If instead you had waited until 42 to begin saving, all other factors remaining the same, you'd have to sock away around $1,400 per month.

Also, be sure you invest your money rather than just saving it. Most savings accounts -- even high-yield savings accounts -- have dismal interest rates compared to what you could earn by investing in the stock market. When you're aiming to save at least $1 million in a relatively short period of time, you'll need your money to grow as quickly as possible.

3. Be realistic about your expectations

While it's not impossible to retire a millionaire if you're off to a late start or don't have much to save, it can be extremely challenging in some cases. If you're in your 50s with nothing saved, for instance, saving $1 million by 60 may not be feasible.

However, that doesn't mean you can't get creative with your goals. Think about what's most important to you in retirement, then create a new target.

For example, is your primary goal to retire early so you can spend as much time as possible enjoying the activities you love? In that case, you may decide to retire in your early 60s but tweak your budget so you can live on less. Or if financial security is what's most important to you, you may opt to delay retirement by a few years to give yourself more time to save.

Retiring with $1 million isn't easy, but it can be done if you're willing to work for it. Even if that goal is out of reach, though, these three steps can still help you save as much as possible for retirement.