Ep. 49: 401k FAQs for Pre-Retirees in 2024

Liz Whitteberry |

As you approach retirement, the complexities surrounding your 401(k) can become overwhelming. Liz gets a lot of questions about 401(k)s and understands how tricky they can be to navigate. That’s why in today’s episode, she’s going to cover some of the biggest 401(k) questions for someone getting ready to retire soon.

From understanding catch-up contributions to tax implications, Liz covers numerous factors to ensure a smooth transition into your golden years. With insights on the importance of diversifying your retirement savings and making strategic adjustments, this episode is a must-listen for anyone 5-10 years from retirement. Remember, having a solid roadmap is crucial, and if you have 401(k) questions on your mind, the best thing you can do is sit down with a financial advisor to get personalized advice.

 

Here’s some of what we discuss in today’s show:

 

  • Should I contribute as much as I can to my 401(k) or only as much as the company will match?

 

  • Can I make catch-up contributions to my 401(k)? If so, how much and when?

 

  • When should I take money out of my 401(k) and roll it over to an IRA?

 

  • What are the tax implications of contributing to a 401(k), and how does it affect my take-home pay?

 

  • How should I adjust my 401(k) investments as I get closer to retirement?

 

  • What are the risks and benefits of including company stock in my 401(k)?