One essential strategy to grow your 401(k) balance is to take advantage of your employer's matching contributions. It's also crucial to know the annual contribution limits for your 401(k) plan and consider catch-up contributions if you're over age 50. When deciding between a Roth or traditional 401(k) plan, it's essential to consider the tax benefits and implications. A Roth 401(k) allows you to contribute post-tax income, resulting in tax-free withdrawals during retirement. In contrast, a traditional 401(k) plan involves pre-tax contributions, lowering your current taxable income but requiring you to pay taxes upon retirement withdrawal.