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SMART MONEY STRATEGIES FOR EVERY AGE AND SITUATION
Your 40s and 50s—The Peak Earning Years

Section 7 of 11:
EMPLOYEE BENEFITS:
How Can I Make the Most of What My Company Offers?
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Whether you work for a large or small company, a nonprofit
organization, a for-profit firm, or a government agency, the
package of employee benefits available to you is crucial in putting
together your personal financial plan.

If you take the time and effort to understand and fully utilize your
benefits package, you will end up in much better financial shape
than if you toss your employee benefits handbook in a drawer and
vow to yourself, “I’ll get to it as soon as I can.”

Each section of this report contains useful tips, techniques and
action strategies that you can implement right away. Combined
together, these tips and strategies are designed to help you learn
how to micro-manage your funds so that your money multiplies
itself.

Read on and reap the financial rewards!

Jordan E. Goodman
America’s Money Answers Man
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EMPLOYEE BENEFITS:
How Can I Make the Most of What My Company Offers?

If you have worked for your employer for several years, you should
be familiar with all your benefits by now. If you’re not, study your
benefits manual to determine whether your employer offers any
benefit that you are not taking full advantage of. If you have any
questions, visit your employer’s benefits office.

Enroll in all savings and profit-sharing plans and FSAs, and fund
them to the maximum amount possible. If you need to borrow
against your retirement plan assets, do so, but repay the loan
before you retire. Select the form of health insurance coverage
that best meets your needs, whether it be a traditional
reimbursement system, an HMO, or a PPO.

If you choose a traditional plan, consider opting for a higher
deductible if you can afford it. This option will lower your
premiums considerably. Inquire about subsidized college education
loans for your children. Make sure that you understand any life or
disability insurance provided by your employer.

If you don’t have enough coverage, ask your benefits department
whether you can purchase more through payroll deduction. Avail
yourself of any other benefits, such as employee assistance
programs, job retraining, or financial planning. Because your 40s
and 50s are your peak earning years and your employee benefits
are usually tied to your salary, they are worth the most to you
during this time. Take full advantage of them.

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RESOURCE | RESOURCE | RESOURCE
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