Maximize your retirement savings A 401(k) account available through your employer is one of the best methods for building retirement savings because of two key advantages. First, any contributions made to your 401(k) are tax-deferred, which lowers each year's total taxable income. Second, some employers provide 401(k) match programs where they contribute to your 401(k) account. If your employer offers a 401(k), take advantage of it, even if you have other retirement accounts. This calculator factors in everything to give you a sense of how your savings can grow.