Retirement can be a tricky subject, and there are so many questions to ask yourself as you're drafting your retirement plans. How much should you save? How will Social Security benefits factor into your retirement budget? Are you taking healthcare costs into account?

For many people, though, one of the most important questions is this: where should you put your money?

Most people choose to invest their retirement savings in a 401(k) or IRA, but not everyone knows whether they even have access to one of these accounts. In fact, nearly a third of Americans said they were unsure whether their employer offered a retirement savings account such as a 401(k), according to a survey from the Certified Financial Planner Board of Standards in partnership with Morning Consult.

A 401(k) is a powerful retirement tool, and if you have access to one but aren't taking advantage of it, you could be missing out on some serious savings.

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Why the 401(k) is so powerful

Both 401(k)s and IRAs have their advantages, but 401(k)s, in particular, offer a few key benefits. First, your employer may offer matching contributions -- which is essentially free money. Typically employers that offer this perk will match part or all of an employee's 401(k) contributions up to 3% to 6% of his or her salary. So, for instance, if you earn $50,000 per year and your employer will match 100% of contributions up to 3% of your salary, that's $1,500 per year you can receive from your employer simply by stashing money in your 401(k).

That may not sound like winning the lottery, but matching contributions can potentially double your savings, making it easier to reach your retirement goals.

Another key perk of 401(k)s is higher contribution limits. With an IRA, you're limited to saving a maximum of $6,000 per year, according to the IRS's 2019 guidelines. The contribution limit for 401(k)s, however, is $19,000 per year. Will most people contribute the full $19,000 every year? Probably not. But if you decide you want to kick your savings into high gear, you have the ability to save more with a 401(k). And those nearing retirement age can contribute even more -- workers age 50 and over can contribute an additional $6,000 per year to their 401(k).

You may not be able to max out your 401(k), but there are still ways to ensure you're making the most of it.

Taking full advantage of your retirement resources

Even if you don't have much to save, if your employer offers matching contributions, do everything you can to earn the full match -- anything less and you're leaving money on the table. Contributing an additional $50 or so every month may not seem like it would make much of a difference, but if your employer is matching that money, it can amount to significant savings over time.