Have you been saving for your retirement? If you haven’t saved much or saved at all, you aren’t the only one. According to Bankrate,  around 20% of Americans don’t have any savings in their retirement fund.
However, budgeting  and saving money for your golden years isn’t impossible. All you have to do is know and follow the right advice. Start contributing and boost your 401K today with these simple tips.
Take Advantage of Matching 401K Contributions
Whether you’re working for a small or large company chances are that they’re offering some retirement benefit plan. In most cases, this will be 401K matching. 401K matching can be dollar for dollar or a percentage match based on your contribution or paycheck. Either way, matching contributions are the easiest way to boost savings for retirement. If it’s possible, try to go for the maximum matched amount, or at least put away $100 each month.
Increase How Much You Save Each Year
An easy way to enlarge your 401K is to save more, even a little bit. Those who save tend to set a fixed number based on their income, but forget to increase the rate as income grows or circumstances change. Adding even a small extra amount each month can make a significant change to your retirement after five, ten, or fifteen years. Likewise, it won’t really change your lifestyle.
Shop Around for Funds and Plans
People sometimes forget that they can switch between plans or retirement savings funds to get a better deal. Each fund or plan can have a different interest rate, conditions related to withdrawing money, and can invest gathered funds in more or less risky ways. That’s why you should always read the fine print of your plan, and switch if it benefits you.
The most popular plans for retirement savings are Roth 401K and the traditional 401K. Traditional 401Ks let you make pre-tax contributions, so they’re not taxed. Furthermore, 401Ks are usually offered by your employer, which makes it very simple to save for retirement without putting too much thought into it. On the other hand, a Roth 401K is done through an investment company, so it offers better flexibility in the way your funds get invested. Moreover, you have to pay tax on contributions, but gains are tax-free.
Raise Contributions When Your Salary Increases
It’s best to save without even thinking about it, so contribute all the extra cash you can spare, especially when your pay increases. Plan to bump up your 401K contribution with every raise. Most people will end up giving a few dollars or a percent or two more from their paycheck. Other people who get larger raises but less often, can contribute more to make up for it.
It’s Not Difficult to Save for a Financially Secure Retirement
It’s never late to start saving, but starting as early as possible is the best way. Take full advantage of whatever 401K plan your company offers and use these five simple tips to boost your 401K. Still, don’t forget to go online to research and compare at least a couple of different retirement funds and switch to new ones if they help you save more.