It’s Open Enrollment time, that period in which you can review and revise your employee benefits package. What areas should you focus on?
For starters, consider the life insurance offered by your employer. If you’ve had significant changes in your life, such as welcoming a child to your family, you may now need to supplement your employer’s coverage.
Also, how about disability insurance? Add up your monthly expenses and then compare the total to the disability coverage in your employer’s plan. You may discover a “gap” that should be filled.
Finally, consider boosting your contributions to your 401(k) or other employer-sponsored retirement plan. And review your investment mix to make sure it’s still appropriate for your needs.
Your benefit package is important, so make the most of it.
Financial Moves for a Growing Family
When you add a child to your family, it’s an exciting time in your life and a busy time too. Still, you’ll want to think about making some key financial arrangements to accommodate your new child’s presence.
Here are some suggestions to consider:
First, apply for a Social Security number for your new child.
Next, review all your insurance health, disability and life to make sure your new child is properly covered.
Also, look to the future by starting to save for college. You may want to consider a tax-advantaged college savings vehicle, such as a 529 plan.
Finally, update the beneficiary designations on your IRA, 401(k), life insurance and other accounts. And consult with your legal advisor about any other arrangements that might make sense for your situation. The future is not ours to see, so it pays to be prepared.
Few things awaken the holiday spirit like partaking in a cherished tradition. Traditions come in many shapes and sizes and from a variety of origins. Many are deeply rooted in cultural and religious beliefs while others evolve through habit. Either way, it’s the traditions we follow that prepare us both mentally and spiritually for the holiday season. From our family to yours, we would like to share some treasured family traditions to help foster the holiday spirit.
Contact Wendell at Edward Jones www.edwardjones.com.