Before Year-End, Take Another Look at Your Workplace Benefits

Key Takeaways

• Fall is a good time to review workplace benefits before the new year.
• Health, retirement and other benefit elections can affect your household budget.
• Life changes may mean last year’s choices no longer fit your needs.
• Reviewing beneficiaries and contact information is an easy but important step.

Main Article

As the end of the year approaches, many employers begin communicating about benefits and enrollment decisions for the coming year. Even if you expect to keep everything the same, it’s worth taking a fresh look. The choices you made last year may not be the best fit for your current household or financial situation.

Review the benefits available to you and how much you’re currently paying for them. Consider whether your family’s healthcare needs have changed and make sure you understand any deadlines associated with changing coverage. If your employer offers benefits such as a flexible spending account, health savings account, disability coverage or supplemental insurance, take time to understand how they work before deciding whether they belong in your plan.

Retirement benefits deserve attention as well. Check your current contribution rate and review the beneficiary information attached to your accounts. Marriage, divorce, births, deaths and other major life changes can make old beneficiary designations outdated.

You don’t have to overhaul everything. The goal is to make deliberate choices rather than allowing last year’s elections to automatically become next year’s. A brief review this fall can help ensure your benefits continue to support both your life and your financial priorities.