How to boost your retirement savings

An employer match is often referred to as "free money," but a better way to think about it is as part of your total compensation package. You want to contribute up to the match so that you're getting all of the money your employer owes you — and padding your retirement savings. "A buy-one-get-one-free deal is how I think of it," Monica Sipes, a certified financial planner and senior wealth advisor at Exencial Wealth Advisors, tells CNBC Make It. "The match is something that's considered in your overall compensation, so by not taking advantage of it you're not getting a full freight of what your employer was expecting to pay you." Here's an example of the difference it can make. Let's say you're offered a job with a $90,000 salary and 5% 401(k) employer match, and a job with a $94,000 salary and no match. The $90,000 base is actually the better deal, because if you contribute up to the match, your employer will throw in $4,500, bringing your total compensation to $94,500 for the year. Over time, that will be worth even more as your investment earnings compound.