Investing is one of the most commonly used tools to build wealth and financial security. The sooner you start, the sooner you can secure your family’s financial future. One aspect of financial planning that many couples tend to forget is retirement. As a young person, it may seem impossible to invest enough for a healthy retirement, but read ahead for five hacks to maximize your retirement savings.

Take Risks

Before you start investing, it is always advised that you save up enough money to cover at least 6 months of living expenses. With that emergency fund saved and so much time ahead of you, you would be in a prime position to take investing risks. Try investing in real estate. While investing in real estate does carry risk, there are ways to mitigate risks through the use of a 1031 exchange. This allows you to grow your investment portfolio while deferring certain property taxes. Do your research before investing so that you’re making calculated risks.

Find some homes or land for sale that you can develop and eventually get a worthwhile return on. It may take a while but the risk could be well worth it. You should take advantage of the time you have to experiment and find what investment is most profitable for you.

Diversify Your Portfolio

The saying “don’t put all of your eggs in one basket” is commonly applied to investing and it isn’t hard to see why. Investing is generally considered safe, but it is not a game anyone can truly predict. Different markets fluctuate at different times and it can be disheartening to see all of your money flowing with the tide. Diversifying your portfolio allows your money to fall into different markets that may not have the same ebbs and flows. Some of the most common investment vehicles are stocks, bonds, CDs, and commercial and residential real estate. According to Accuplan IRAs, few IRA custodians permit direct ownership of real estate or other non-traditional investments in an IRA, so investing in a self-directed IRA LLC is usually the only choice. If the real estate market is doing particularly well, you will see a huge surge in your retirement account.

Invest in Dividend Stocks

Investing in stocks with dividends basically means that companies will pay you a portion of their earnings as a “thank you” for owning shares. Usually those earnings stay in your investment account as a cash balance, but if you take those dividends and reinvest them, your money will multiply without you spending more than your original investment. Not only will you have more shares from which you can profit, you will earn even more dividends on those shares .

Maximize 401K Contributions

It can be tempting to contribute as little as possible to your 401K and pocket your earnings now, but in the long run you will be missing out on growing your retirement fund tax-free. Employer matching is more incentive to contribute all that you can. Quest Education explains that with employer matching, if you contribute a certain percentage of your income to your 401K plan, your employer will then match your contribution dollar for dollar up to a certain percent of your income. This is basically free money donated to your future self!

Pay Attention to Fees

When setting up an investment account, there can be sneaky up front, transactional, and annual fees that can eat away at your potential profits. Not all of the fees are explained in a way that a new investor would understand or be able to recognize. The Balance gives a comprehensive list of fees to ask about before setting up an investment account to make sure you are seeing as much of your money as possible.

The best time to invest is yesterday. Since you are young, you have the most time available to maximize your investments to secure your retirement. Take the advice above and you’ll be well on your way to a cushy nest egg.