In this episode, we are talking about types of Enrollment Benefits.

Chapters:
0:00 – Intro
0:48 – Retirement contribution
3:35 – Roth 401(k) or regular 401(k)
6:39 – Allocations
9:30 – Health Care FSA
11:26 – Dependent Care FSA
14:19 – Insurance Benefits
18:20 – Other Benefits
19:04 – Health Savings Account (HSA)

You can find us at:
Gabriel Kaplan – wealthhabits.com || twitter: @gabrielkaplan
Robinson Crawford – montave.com

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Nothing we’re doing here should be considered one on one financial advice. Rather, we are here to educate and to invite you into the conversation. See our disclosures here:

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Retirement Contribution

One of the most critical financial decisions you will make in your lifetime is how much to save for retirement. A retirement account is often the easiest and most effective way to save for retirement. One of the most common types of retirement accounts is a 401(k) plan, offered by many employers. A 401(k) plan is a type of tax-advantaged retirement savings account that offers employees a way to make contributions to their retirement savings through payroll deductions.

The amount you contribute to your 401(k) plan depends on your retirement goals and your current financial situation. Most people recommend saving at least 10-15% of your gross income for retirement, but it’s essential to remember that you can contribute up to $19,500 per year to your 401(k) plan, with an additional $6,500 catch-up contribution if you’re over age 50.

Insurance

Insurance is a critical part of financial planning. It provides protection against unexpected events that can cause significant financial hardship for you and your family. Insurance policies offer financial protection from losses caused by accidents, illnesses, natural disasters, and other unexpected events.

Life insurance is one of the most important forms of insurance, especially if you have dependents. It provides financial protection for your family if something unexpected happens to you. Life insurance policies pay out a lump sum in the event of your death, providing your family with financial support to help cover expenses such as mortgage payments, college tuition, and other living expenses.

Health Care FSA

A Health Care FSA (Flexible Spending Account) is an employer-sponsored benefit that allows you to save pre-tax dollars to pay for eligible out-of-pocket medical expenses. The money you contribute to your FSA is tax-free, which means you pay fewer taxes on your income. The maximum contribution for 2021 is $2,750.

The good news is that Health Care FSA can be used for a wide range of medical expenses, including deductibles, co-pays, prescriptions, and even over-the-counter medications. Some plans even allow you to use the funds for dependent care expenses like child care, elder care, and adult daycare.

Conclusion

Saving for retirement, investing in insurance, and utilizing a Health Care FSA are critical individual pillars for financial planning. You must analyze these areas in-depth to help ensure a secure and well-provisioned future for yourself and your family. Suppose you are looking for professional help managing these concerns, make an appointment with a financial advisor. They can guide you through the various options and help you make informed decisions that balance your long-term retirement goals with your present needs.