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Actions Don't Leave Money On the Table at Work
Key takeaways
- Consider obtaining employer-sponsored life insurance which is generally affordable.
- Take advantage of tax deferred growth by taking part in your company’s retirement plan.
- Apart from medical coverage, look into other benefits offered by your employer.
What do a retirement plan, low-cost life insurance and inexpensive medical coverage have in common? They could be part of an employer benefits package you’re not maximizing.
With diverse benefits encompassing various life events, employer benefits can add up to large savings and provide a great deal of protection to you and your loved ones.
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1. Life insurance
Employer-sponsored life insurance is generally the most affordable and the easiest type of life insurance to obtain. Typically in multiples of your salary (i.e. you can have a policy amounting to two, three, or five times your salary), these policies will pay a death benefit to your appointed beneficiaries.
Gen X and Y make up 75% of workers who are opting-in to life insurance benefits, leading researchers to believe that baby boomers feel it’s too late for life insurance. But that’s just not the case when people are living longer and longer. Whether needing protection for the life you live today to securing the future for your loved ones, see why obtaining life insurance is much simpler than you think at any age.
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2. Retirement benefits
Take advantage of tax deferred growth by taking part in your company’s retirement plan.
First, review what exactly these accounts are and what they can do for you.
These are retirements accounts that an employer has set up for employees to contribute money from their paychecks. It is not subject to taxes until one is ready to take it out, meaning more money for retirement later.
When you have a retirement account, you set a contribution amount—the amount that will be withdrawn from your paycheck each time you get paid. The more you contribute, the more you save for retirement. Plus, if your company offers a match, that means they also contribute to your savings. This is free money! So make sure to set your contribution rate to get every dollar your company is willing to give you.
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3. Discounts
Many employers offer useful discounts including:
- Reduced rate cell phone monthly service
- Auto and home buying lending programs
- Free and discounted passes to museums, gyms and restaurants
- Discounted continuing education or college courses for career betterment
Not only can these benefits save you money, they can increase the quality of your life and help you become a more productive employee.
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4. Legal advice
Employer-sponsored legal benefits are typically deducted directly from your paycheck (though often at a greatly discounted rate) and cover common legal matters such as general guidance, family law, consumer matters, traffic defense and will preparation documents.
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5. Health benefits
Did you know that many employers extend health benefits to non-married couples who reside together? Being the primary breadwinner doesn’t assume the most cost-effective medical plan, so take the time during open enrollment to review premiums and coverages for everyone in your household.
What you can do next
Attend the benefits meeting at your place of work or sit down one-on-one with your human resources representative.
Examine your benefits plan to see if you’re taking full advantage of what your employer is already offering. For additional help saving money, be sure to look into discount programs, partnerships, and affinity offers.
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