How to start saving for retirement with no money set aside

Where you put your savings has a huge impact on how much money you wind up with in retirement.

It's no secret that you need a lot of money to retire comfortably. For many, retirement expenses can exceed $1 million. With regular contributions, it's possible to save that much, but many aren't sure where to start.

Where you put your savings is almost as important as how much you save. It'll determine what you can invest in, and consequently, how fast your savings grow. It'll also affect when you'll pay taxes on that money. There's no wrong answer, but some accounts make more sense than others.

When you're eligible for a 401(k) match through your employer, this is where you want to start every year. If you don't claim your match, you lose it, so getting as much of it as you can should be your top priority.

The size of your match will depend on your salary and your company's matching formula. For many, it's worth thousands of dollars today. This could grow to tens of thousands of dollars by retirement.

Check with your employer if you're not sure how its matching formula works. Once you know how much you must set aside to receive the whole thing, divide this amount by the number of pay periods left in the year to figure out how much you must set aside from each paycheck. Get as close to this amount as you can.