If I could tell everyone saving for retirement one thing, I’d tell them to do it with a 401(k)

Saving for retirement is the most difficult financial task most of us ever face. With pensions largely a thing of the past and costs rising, scraping together what you need isn’t easy, even with four decades or more in the workforce.

Everyone’s retirement savings strategy will look different based on their finances and goals. But if there’s one thing I could tell every 401(k) owner to get them on the right track, it would be this.

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Don’t go alone when you don’t have to

Your 401(k) match is one of the only sources of help you can count on when it comes to reaching your retirement goals, so it’s critical to claim it every year. It might only be worth a few thousand dollars today, but that could easily be worth tens of thousands of dollars by the time you retire.

Let’s say you’re a $60,000 earner who qualifies for a 4% dollar-for-dollar company match. That’s $2,400 in cash right now. But if you invested that money for 30 years and earned an average annual return of 8%, that match would be worth $24,150. If you claimed this match consistently for 30 years, you’d end up with just $281,710 in employer matching funds. Your actual balance could be at least double that, since you’d need to put away at least $2,400 of your own money each year to win the match.

Even if your finances don’t allow you to claim the full match every year, do what you can. Every dollar adds up over time. If you get a raise in the future, increase your 401(k) contributions first, at least until you’ve earned the full match. Also, keep in mind that matching formulas can change over time, so always check with your employer to see how much you need to put aside each year to earn it all.

When your employer doesn’t offer a 401(k) match.

Not all companies offer 401(k) matches. If yours doesn’t, you’ll need to try a different approach. Saving in your 401(k) is still an option if you like its investments, but you’ll often have more flexibility in your investment choices if you save in an IRA. This can also help you control how much you pay in taxes.

You won’t get help saving for retirement this way, but you’ll get valuable tax benefits. Those who save in traditional IRAs reduce their taxable income this year by the amount of their contributions (subject to income limits). Those who opt for Roth IRAs pay taxes upfront but receive tax-free withdrawals in retirement.

If you max out your IRA, you can switch back to your 401(k) or try a health savings account (HSA) if you’re eligible. These accounts are designed to hold medical savings, but work similarly to an IRA. Make sure you choose an HSA provider that allows you to invest your funds, or they won’t grow very quickly.

Remember to check with your 401(k) provider annually to see if they’ve added a new company match. If it does, you may want to rethink your retirement savings strategy.