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Upcoming Meeting with My Employer's 401(k) Administrator for Retirement Planning

Upcoming Meeting with My Employer's 401(k) Administrator for Retirement Planning

Li
Linda · · 11 replies

I have been at my current job for a year and was only able to join my employer's 401(k) plan at the start of this year. The plan administrator offers a one-time retirement planning session, followed by a written plan. I have a meeting scheduled with the administrator on Friday, and while I'm sure they have a standard list of questions to cover, I need help coming up with questions I should ask them.

I've never met with a financial advisor or had a written financial or retirement plan, so other than discussing the 401(k) account itself, I'm not sure what I should get out of this meeting. Can anyone offer suggestions?

My employer also announced that we now have a mega backdoor Roth 401(k) option available. I have no details on this other than a mention of in-plan conversion. What specifics should I ask about? Currently, I'm contributing the maximum to my employer's traditional 401(k).

For reference, I'm 53, with retirement savings on track for retirement at 67 (but working hard to lower that age). I rent in a high-cost-of-living area, do not own real estate, and am debt-free, having just recently paid off my last graduate school loan. I am single with no children. My parents are both deceased, so there is no large inheritance forthcoming and no parental eldercare to plan for. I am concerned about my own long-term care coverage—it seems like such an abyss.

Thanks in advance for any pointers you can provide.

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Replies (11)

CincyFlyer

CincyFlyer

1 month ago

BeckyOColorado

BeckyOColorado

1 month ago

favoritenephew

favoritenephew

2 months ago

Traveller830FI

Traveller830FI

2 months ago

SimpliFI

SimpliFI

2 months ago

Linda

Linda

2 months ago

JP_MoreGains

JP_MoreGains

2 months ago

BostonFI

BostonFI

2 months ago

JDFI

JDFI

2 months ago

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