Want $1 Million in Retirement? 3 Stocks to Buy Now and Hold for Decades

Do you want to retire a millionaire? Unless you're one of the lucky few who can build a successful business or who's born with rich relatives, your best path toward that goal is likely to involve decades of investing, which will allow the power of compound growth to build your nest egg up for you. A diversified portfolio of high-quality stocks can work wonders if you give it enough time.

And what better place to find dominant companies with decades-long growth opportunities than in healthcare? Healthcare isn't going anywhere, and it's already a multitrillion-dollar industry in America. With that in mind, here are three of the best healthcare stocks money can buy right now.

1. UnitedHealth Group

UnitedHealth Group (NYSE: UNH) is a massive conglomerate with two primary units. Its UnitedHealthcare segment provides health insurance and benefits to tens of millions in the United States, and more than 2 million in South America. Its Optum segment provides healthcare and pharmacy services to more than 100 million people, and technology services to hospitals and other healthcare providers.

Over the past four quarters, it generated over $380 billion in revenue. Its size is a competitive advantage for UnitedHealth, as it can offer more value for less money, which in turn helps it continue to take market share. UnitedHealth is a behemoth with a market cap of over $500 billion, yet it keeps growing. Analysts believe UnitedHealth can grow earnings by an average of 13% annually over the long term. The company has also boosted its dividend payouts for 15 consecutive years. The stock is poised to continue delivering stellar returns, assuming the company stays out of antitrust trouble.

2. Abbott Labs

Healthcare products company Abbott Labs (NYSE: ABT) has evolved over the years. It spun off its primary pharmaceutical business over a decade ago into AbbVie, but that hasn't held the parent company's stock back from delivering market-beating returns. Today, Abbott Labs sells consumer health products, medical devices, testing equipment, and generic pharmaceuticals to emerging markets.

Abbott Labs is also a Dividend King with a 53-year payout-hiking streak, which investors looking for ever-increasing income from their portfolios should love. Today, it only spends about half its earnings on the dividend, so it should have plenty of room for future increases.

Most importantly, Abbott has positioned itself well for long-term growth. After spinning off AbbVie, the company aligned itself with growth trends in cardiovascular and diabetes care. Analysts covering the company on average believe that it will grow earnings by 8% to 9% annually over the long term, and the dividend adds almost 2% to investors' returns. Abbott probably won't provide explosive gains, but years of steady returns in the 8% to 10% range from growth and dividends can add up to life-changing wealth.