In many employer-sponsored retirement plans, your company will match some or all of your contributions. If your employer offers a plan like this and you do not contribute enough to get your employer’s match, you are passing up “free money” for your retirement savings.
Fees and expenses vary from product to product and can take a huge bite out of your returns. Even small differences in investment costs can translate into large differences in returns over time. This can have an especially big impact when your investment goal is saving for retirement.
You can increase retirement savings by getting into the habit of paying yourself first. An easy way to do this is to have your bank automatically deposit money from your paycheck into a savings or investment account. These regular, automatic deductions will keep you on track toward your long-term financial goals.