Americans are encouraged to save more for retirement due to uncertainties surrounding Social Security’s future. Saving through a 401(k) is convenient, with many employers offering matching contributions. More Americans are opting for Roth 401(k)s, which allow tax-free withdrawals and no required minimum distributions. Fidelity reports an increase in Roth 401(k) participation.

Younger workers are smartly choosing Roth 401(k)s for tax-free growth. Traditional 401(k) contributions are pre-tax, but Roth 401(k)s offer benefits like tax-free withdrawals and no RMDs. Companies often offer both options, allowing workers to maximize tax benefits and enjoy tax-free growth.

To boost retirement income, consider maximizing Social Security benefits by learning little-known “Social Security secrets.” By optimizing benefits, you could see an increase in your annual income. Join Stock Advisor to discover strategies for maximizing your Social Security benefits and retiring confidently.

Read more at Yahoo Finance.: More 401(k) Savers Are Making This Incredibly Smart Move. Should You?