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" How to Stay on Track with Your 2025 Financial Goals" As we reach the midpoint of 2025, it’s a...
A Key Time to Review Your Health Benefits and Workplace Perks"
September is a key month for many employees, offering the opportunity to review and make changes to workplace benefits such as health insurance, retirement savings plans, and other employer-provided perks. Taking the time to understand and optimize these offerings can significantly impact your financial stability and overall job satisfaction.
Start by evaluating your health insurance options. Carefully compare the available plans, considering premiums, deductibles, copays, and out-of-pocket maximums. Think about your current health needs and any anticipated medical expenses in the coming year. If you have dependents, include their needs in your assessment.
Take advantage of Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), if available. These allow you to set aside pre-tax dollars for qualified medical expenses, offering tax advantages. Be sure to review the rules and contribution limits to avoid penalties or unused funds.
Next, focus on your retirement savings. Many employers offer Registered Retirement Savings Plan (RRSP) matching programs, which contribute to your retirement account based on how much you invest. Not contributing enough to receive the full match means leaving free money on the table. Review your contribution levels and consider increasing them if your budget allows. Also, reassess your investment choices within the plan to ensure they align with your long-term goals and risk tolerance.
In addition to health and retirement benefits, employers often offer a range of other perks. These may include life and disability insurance, employee assistance programs, wellness incentives, and tuition reimbursement. Each of these can provide real value. For example, life and disability insurance offer essential protection for your family, while tuition reimbursement can support your career growth without additional debt. Wellness programs might offer gym discounts or health coaching, which can improve your well-being and productivity.
To make the most of these benefits, review the materials your employer provides, such as benefit guides or plan summaries. Attend informational meetings or webinars, and don’t hesitate to reach out to HR or your benefits administrator with questions.
Remember, benefits planning isn’t a one-time task. Life events like marriage, having children, or health changes should prompt a reevaluation of your selections. Staying proactive and informed ensures your benefits continue to meet your evolving needs.
