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Don’t Leave a Pay Raise on the Table

We are in that time of year when companies start releasing new benefits packages, and open enrollment is almost here. As you look through your new employee book provided by your HR department, you probably see things like additional 401(k) options, accidental death & dismemberment (yikes!) insurance, life insurance, supplemental life insurance, short term/long term disability coverage, along with all sorts of other acronyms you may or may not have any idea what they stand for.

Many of these coverage options are free or very inexpensive, but you still have to tell your employer what you want. The flip side is also that some companies offer optional coverage that you likely don’t need and would probably not be the best use of your money.

Especially for our clients who are right out of school and focused on just about anything but retirement and life insurance needs, it’s a lot to sift through and make sense of. Pretty soon, lots of workers get overwhelmed and distracted by their actual jobs and simply elect the same options as last year, or just check off some boxes without putting a lot of thought into the options.

If any of this sounds remotely familiar, please, stop and call us immediately. You may have just left your next “pay raise” on the table.

Companies these days are struggling to hire and retain the best talent. Many combat this by offering better benefits packages that unfortunately are often wasted, simply because people don’t know how to take advantage of everything their company is offering.

I have seen so many people miss out on additional free money because they didn’t know their company had increased its 401(k) match. Folks, this is free money that you can easily and painlessly put to work for your future. I’ve also seen clients pass on tax-advantaged savings because they didn’t know how to utilize it, or even if this option was right for them. I have seen several people who thought they had fully mitigated a risk, only to find out they had barely scratched the surface because they didn’t understand the benefit. The list can go on.

Bottom line is if you are not reviewing your benefits every year and fully understanding what you are looking at, it’s tough to know what is best for you and your family.

What questions do you have about your employee benefits? Call us today.

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