Make the most of your 401(k) — you’ll need it

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Last week, Massachusetts Secretary of State William Galvin launched an inquiry into companies that pay 401(k) matches in annual lump sums, a practice that can cost workers tens of thousands of dollars in retirement savings compared with getting matches at each pay period.

Galvin’s review also underscored another fact of working life: With the vast majority of employees relying on 401(k)s to finance retirement, the chance to boost those savings is more important than ever. Here are some ways suggested by financial planners to get the most out of retirement accounts.

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