Increasing retirement account contributions—whether it's a 401(k) or a 403(b)—is so beneficial on so many levels that it's practically a no-brainer! Aside from saving for retirement itself, something which is a long-range goal that many savers have a hard time visualizing, you're lowering your income tax burden today. That's because contributions are done on a pre-tax basis, which has the immediate effect of lowering your taxable income. Not only does that cut your income tax by a hefty amount, any tax planning expert will tell you it also reduces the amount you pay in Social Security and Medicare taxes. Then there's the employer match to consider. Most employers match employee contributions dollar-for-dollar. If you aren't contributing up to the maximum amount your employer will match, you are throwing free money away. If this isn't enough to convince you to increase your retirement account contributions, get some tax advice and planning help from a qualified professional who can answer your questions.