In the latest episode of “Real Personal Finance,” we’re picking up where we left off last time: open enrollment. Last time, we focused on health insurance because it could have the biggest potential impact on your finances. This time we’re covering life insurance, disability coverage, 401(k) options, and everything else.
First up: life insurance. We typically recommend getting your primary life insurance outside of your employer in case you ever change jobs. That being said, if your employer offers a basic plan for free, take it! We also discuss when it might make sense to get more life insurance through your employer.
When it comes to disability insurance, the most important thing to focus on is having a long-term solution (a.k.a., long-term disability insurance). If you don’t have an emergency fund that could support you in the short-term, then you’ll definitely want to look into short-term disability coverage as well. Plus, we discuss why knowledge workers often don’t feel like they need disability insurance (and why they actually do).
We also cover 401(k) options. Even though they’re not limited to open enrollment season only, we find that it works best for most clients to review all your benefits at once. Check to see if you’re going to max out your contributions and what changes you may want to make.
Lastly, we discuss a little bit of everything else: fertility benefits, charitable matching, RSU withholding, deferred compensation and more.
Open enrollment is your chance to make sure you’re getting the most out of your employer benefits, but you need to understand your options in order to do so. Check out the episode – then be sure to read your benefits booklet!
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Stone Steps Financial
Money can be confusing—but it doesn’t have to be. When you’re able to understand the complexities, you can make better decisions to improve your daily life. Are you ready to align your money with your ideal life? Connect with us at Stone Steps Financial.
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