Open enrollment may not be the most exciting part of fall, but it’s one of the most important. The choices you make during this period — for health insurance, retirement contributions, and other benefits — can shape your financial picture for years to come.
Many people default to the same options year after year. It’s understandable: the forms are confusing, and the process can feel overwhelming. But life changes, and your benefits should reflect where you are today.
Health Insurance: Look Beyond Premiums
It’s easy to choose the plan with the lowest monthly premium, but that isn’t always the best fit.
- If you expect more medical expenses, a higher premium with lower out-of-pocket costs might save you money overall.
- If your family is generally healthy, a high-deductible plan paired with a Health Savings Account (HSA) could be a smart way to save for future healthcare costs.
The key is to balance monthly costs with potential expenses throughout the year.
Retirement Contributions: Take Advantage of the Match
Open enrollment is a great reminder to review how much you’re contributing to your 401(k) or other employer-sponsored plan. If your employer offers a match, try to contribute at least enough to receive the full benefit — otherwise, you’re leaving free money on the table.
Even a small increase in contributions can make a meaningful difference over time.
Other Benefits: Don’t Overlook the Details
Many employers offer additional options beyond health insurance and retirement savings:
- Life insurance: Your employer may provide some coverage, but consider whether you need additional protection for your family.
- Disability insurance: Often overlooked, this can be essential if you’re the primary income earner.
- Flexible Spending Accounts (FSAs): These can help cover healthcare or dependent care expenses with pre-tax dollars.
These benefits might not feel urgent, but they provide important financial protection.
Make It Part of the Bigger Picture
Instead of rushing through the paperwork, take time to connect these decisions with your larger financial goals. Think about:
- How your healthcare plan fits with your family’s needs
- How your retirement savings fit with your long-term goals
- How additional benefits can protect your financial security
The Bottom Line
Open enrollment only comes once a year. Taking the time to make thoughtful decisions now can put you in a stronger position for the year ahead.
Contact us today online to start the conversation.
Preparing for Year-End Giving
The end of the year often brings a spirit of generosity. Whether it’s a family tradition or a personal commitment, many people choose this time to give back to the causes they care about.
Giving is rewarding in itself, but with some planning, it can also align with your financial goals.
Choose How You Want to Give
There are several ways to approach charitable giving:
- Cash donations: Simple and direct, but remember to keep records for tax purposes.
- Donor-Advised Funds (DAFs): These allow you to donate appreciated assets, receive a tax deduction now, and decide later how to distribute the funds.
- Qualified Charitable Distributions (QCDs): If you’re 70½ or older, you can donate directly from your IRA to a qualified charity. This can satisfy required minimum distributions and reduce taxable income.
Plan Ahead
Some gifts, like donating stock, take longer to process. Planning ahead ensures everything is completed before year-end deadlines. It also gives you more time to reflect on which causes matter most to you.
Talk with Your Advisor
Year-end giving is about more than tax deductions. It’s about making sure your generosity fits within your overall financial plan. An advisor may be able to help you explore strategies that seek to maximize both the impact of your gift and the tax benefits available to you.
The Bottom Line
Giving is most meaningful when it reflects your values. With a little planning, you can make a difference for the organizations you care about — and feel confident knowing it fits within your broader financial goals.
Contact us today to start the conversation.
Disclosures
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.
This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor.
