Whether retirement is decades away or right around the corner, it’s important to know what benefits your employer offers. A 2025 Goldman Sachs survey found that those with an employer-sponsored retirement plan saved about 29% more than those without access.

Workplace retirement plans are one of the easiest and most effective ways to build long-term savings. Join Heath Grossman, CFP® in this week’s Money Wisdom Question Series as he shares five key questions to ask your employer about your benefits.

1. What Retirement Benefits Am I Eligible For?

As traditional pension plans become less common, most employers now offer savings plans like 401(k)s, 403(b)s, or 457 plans. Smaller employers might offer options like a SEP IRA or SIMPLE IRA. They all generally allow you to set aside a portion of your salary for retirement.

2. Do You Offer a Matching Contribution and If So, How Much?

One of the biggest advantages of employer-sponsored plans is the employer match. Many employers will match a portion of what you contribute, which is essentially free money. To take full advantage, you should aim to contribute at least enough to receive the full match.

3. How Long Does It Take to Be Vested in the Plan?

Vesting refers to ownership of the funds in your retirement account. Your own contributions are always 100% yours, but employer matching contributions may take time to fully belong to you. Some plans use a vesting schedule where ownership increases gradually over several years.

4. What Are My Investment Choices and Is There a Roth Option?

Most retirement savings plans offer a range of investment choices, often in the form of mutual fund-like options. Many plans also allow Roth contributions. This means you pay taxes now but can withdraw the money tax-free in retirement.

5. When I Leave, Or Retire, What Are My Options?

Whether you eventually leave for another job opportunity or retire, you want to know your options regarding your funds. You may be able to roll your savings into an IRA or another employer’s plan.

However, there could be restrictions or required distributions, so it’s important to ask these questions upfront. Understanding your options ahead of time can help you avoid unnecessary taxes or penalties.