Look to your retirement account and tax refund for ways to increase your savings each year. Steps to do so include these ideas:
Take advantage of an employer match for your 401(k). Many employers match up to a certain amount of what you put into your 401(k) based on how much you contribute. Get the most for your money by contributing enough to receive the full employer match.
Open an individual retirement account (IRA). A traditional or Roth IRA is another place to invest in your retirement, and they each have certain tax advantages. Unlike 401(k) accounts, IRA accounts are not administered through an employer. They’re commonly offered by banks, credit unions, brokerage firms and mutual fund companies.
Save or invest your tax return. If you’re getting an annual tax refund from the IRS, consider putting it into a savings account or investing it.