Saving for retirement isn't easy, especially as costs continue to rise. The average worker expects to need around $1.8 million to retire comfortably, according to a 2023 survey from Charles Schwab, which is a stomach-churning number for many people.

While there's no quick fix to saving millions of dollars for retirement, there are a few hacks that can significantly boost your savings with very little effort on your part.

1. Take advantage of matching contributions

If you have access to a 401(k) that offers matching contributions from your employer, do your best to take full advantage of them. The employer match is essentially free money that can instantly double your savings. Over decades, it could amount to hundreds of thousands of dollars.

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Image source: Getty Images.

For example, the median income in the U.S. is around $55,000 per year, as of 2022. The average 401(k) match is 3.5% of an employee's wages, which would amount to around $1,925 per year in this case.

If you're earning a modest 8% average annual rate of return on your investments, here's roughly how that $1,925 per year could add up over time:

Number of Years Total Savings
20 $88,000
25 $140,000
30 $218,000
35 $331,000
40 $497,000

Data source: Author's calculations via Investor.gov.

Keep in mind, too, that these figures are only accounting for the employer match itself. Once you add in your own contributions, you'll have at least double these numbers.

2. Set your savings on autopilot

Consistency is key to building a robust retirement fund. Saving just a little each month can often help you save more than investing larger amounts on an irregular basis.

One of the easiest ways to keep your savings on track, then, is to set up automatic contributions. If you're investing in a 401(k), you may be able to have a set amount of money transferred straight from your paycheck to your retirement account. With an IRA, you can set up transfers from your bank to your retirement fund on the schedule you choose.

Automatic contributions not only make it easier to save consistently, but they can also help build saving into your budget. When you're regularly investing a set amount, you can make saving a priority, rather than simply contributing whatever scraps you have left at the end of the month.

3. Ensure you're investing aggressively enough

Most workers' portfolios are made up of a mix of stocks and bonds. Stocks are generally riskier than bonds but also generally earn much higher returns.

If you're nervous about market volatility, it can be tempting to invest more heavily in bonds and other conservative investments to limit your risk. However, this approach can significantly lower your potential lifetime earnings.

For example, say you're contributing $200 per month to your 401(k). Let's also say that by investing more aggressively in stocks, you'd earn an average return of around 8% per year.

On the other hand, if you're investing more conservatively, say you'd only earn returns of around 5% per year, on average. Here's how your savings would add up over time in both scenarios:

Number of Years Total Savings: 8% Average Annual Return Total Savings: 5% Average Annual Return
20 $110,000 $79,000
25 $175,000 $115,000
30 $272,000 $159,000
35 $414,000 $217,000
40 $622,000 $290,000

Data source: Author's calculations via Investor.gov.

This isn't to say that investing more conservatively is a bad idea or that you should always invest aggressively. As you get closer to retirement, it's wise to gradually shift your portfolio toward the conservative side to better protect your savings against market downturns.

That said, if you still have decades left to save, investing more heavily in stocks can help you earn exponentially more over time.

Saving for retirement is tough, but the right strategy can make it a little easier. By taking advantage of matching contributions, setting your savings on autopilot, and investing aggressively enough for your age, you could potentially boost your savings by hundreds of thousands of dollars.