Make the most of your benefits during open enrollment period
RICHMOND, VA (WWBT) - It’s open-enrollment season, which is the time to go over your healthcare and retirement accounts.
This is the perfect moment to make sure you’re not leaving any money on the table.
A lot of employers offer matches when it comes to 401K. If you’re not sure about your plan, ask your benefits manager so you can get the most out of that benefit.
Even contributing 1 or 2 percent of your income can start to build a positive balance.
Michael Joyce, with the Richmond based financial firm Agili, to put in to put in even more money, if you can. He recommends starting off modest and then increasing the contribution once you see how it affects your paycheck.
“Maybe, put 2 percent in, and if that doesn’t hurt so much, put 3 percent in and keep raising that until it starts to hurt a little bit," Joyce said. “That’s going to help you out in the long term.”
Joyce said healthcare plans are most likely going to cost you a little more next year. He said if your company offers a health savings account, it’s best to contribute to it.
HSAs operate similar to an IRA for healthcare. What’s great is that they offer tax benefits and you can put money away now for future medical needs, even if you don’t know what those needs will be.
The money is always yours. And, as always, if you have any questions, consult a financial adviser.
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