Most workers wait years for a company's 401(k) match to become their money

"Financial planners continually beat the 'save-for-retirement' drum, and the amount you need to put in a 401 to get the match is well below the amount you should save each year," Hauer said.

If you are able to contribute more than just enough to get the match, financial advisors generally recommend that you do. The contribution limit for 2021 is $19,500, with workers age 50 and older allowed an extra $6,500 as a "catch-up" contribution for a total of $26,000. By way of example: Say your annual salary is $50,000. If you were just to contribute enough to get the employer match, the most common matching formula would mean you contribute 5%, or $2,500, in a year, and your company would put in another $2,000 — totaling $4,500 a year. If you did that for only one year, the money would be worth about $26,200 in 30 years, based on a 6% annual return, according to data provided by Fidelity Investments.

Remember, too, that if you have a traditional 401 plan, your contributions are made pretax, which reduces your taxable income , although your withdrawals in retirement will be taxed. If it's a Roth, your contributions are made after-tax, but distributions later in life are generally tax-free.

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