NEW YORK (TheStreet) -- Saving for retirement is an area of personal finance that makes your stomach churn. Saving for something decades away isn't as appealing as setting more short-term goals, in which the results appear sooner.The two most common types of retirement accounts, the 401(k) and Roth IRA, are undoubtedly essential to any retirement savings plan of action. For this year, the contribution limits for both accounts have been raised by $500, to $17,500 and $5,500, respectively.
"Most employees pay the lion's share of 401(k) plan expenses. Review the information with your fellow employees and ask your employer about these costs as group. A reduction of 0.50% in annual plan fees can have a huge effect on your account balance at retirement. But most employers don't take the time to negotiate the plan fees until their employees ask," warns Robert Massa of Ascende Wealth Advisers.