Saving for retirement is the most challenging financial task most of us will ever face. With pensions largely a thing of the past and costs rising, it's not easy to scrape together what you need, even with four or more decades in the workforce.

Everyone's retirement savings strategy will look different based on their finances and goals. But if there's one thing I could tell every 401(k) owner to set them on the right path, it'd be this.

Don't go it alone when you don't have to

Your 401(k) match is one of the only sources of help you can count on when it comes to reaching your retirement goals, so claiming it every year you can is paramount. It might only be worth a couple of thousand dollars today, but that could easily be worth tens of thousands of dollars by retirement.

Let's say you're a $60,000 earner who qualifies for a 4% dollar-for-dollar company match. That's $2,400 in cash right now. But if you invested that money for 30 years and it earned an 8% average annual return, that one match would be worth $24,150. If you claimed that match consistently over 30 years, you'd wind up with $281,710 in employer-matched funds alone. Your actual balance could be at least double that, because you'd have to set aside at least $2,400 of your own money each year to earn the match.

Even if your finances don't permit you to claim the full match each year, do what you can. Every dollar adds up over time. If you get a raise in the future, increase your 401(k) contributions first, at least until you're earning your full match. Also, keep in mind that matching formulas can change over time, so always check with your employer to see how much you need to set aside each year to earn the whole thing.

When your employer doesn't offer a 401(k) match

Not all companies offer 401(k) matches. If yours doesn't, you'll need to try a different approach. Saving in your 401(k) is still an option if you like its investments, but you'll often have greater flexibility in your investment choices if you save in an IRA. This can also help you control how much you pay in fees.

You won't get any assistance saving for retirement this way, but you'll get valuable tax advantages. Those who save in traditional IRAs reduce their taxable income this year by the amount of their contributions (subject to income limits). Those who opt for Roth IRAs pay taxes upfront, but they get tax-free withdrawals in retirement.

If you max out your IRA, you could return to your 401(k) or try a health savings account (HSA) if you're eligible. These accounts are designed to hold medical savings, but they function similarly to an IRA. Just make sure you choose an HSA provider that enables you to invest your funds, or they won't grow very quickly.

Don't forget to check in with your 401(k) provider annually to see if it's added a new company match. If it does, you may want to rethink your retirement savings strategy.

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If I Could Tell Everyone Saving for Retirement 1 Thing, I'd Tell Them to Do This With Their 401(k) was originally published by The Motley Fool