You want the money in your 401(k) retirement account to grow; so, to build a comfortable nest egg, you need a smart strategy. Use the tips in the following list to guide you as you make decisions about your 401(k):
Save in a tax-deferred retirement account as soon as you can, to get more bang for your investment buck.
Start by saving just 1 percent of your pay if that's all you can afford.
Save for retirement even if you think it's too late. It's never too late.
Save at least the amount your employer matches, otherwise you're throwing money away.
Aim to put away 10 percent of your income for retirement each year; increase your savings rate each time you get a raise.
Aim to build a nest egg that's at least 10 times your annual pay when you retire.
Remember that Social Security won't be enough to finance your retirement. Even with a traditional company pension, you'll likely have a gap to fill with your own savings.