Personal FinanceKoldunova_Anna / iStockRich DupreyThis post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive
compensation for actions taken through them.With the end of the year upon us, now is a good time to assess your financial and retirement planning to make sure you are maximizing your opportunities, especially the benefits provided by your employer. These perks are essentially additional compensation and neglecting them is just like leaving free money on the table. In particular, you should closely examine benefits such as retirement account matching, flexible spending accounts (FSAs), health savings accounts (HSAs), and other benefits that reset or expire annually.Below we’ll take a look at each of these areas to ensure you are leveraging the benefits your employer offers.24/7 Wall St. Insights:We may complain about the grind of the 9-to-5, but most employers offer their workers valuable benefits that everyone should be taking full advantage of.
By not utilizing the opportunities our jobs make available, we are missing out on the chance to lower our taxable income, ensure a comfortable retirement, and increase our health and wellness.
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Employer Matching ContributionsIf your employer offers to match your contributions to your 401(k) program or similar retirement account, but only up to a certain percentage of your salary, you are essentially turning down a bonus if you don’t contribute enough to get the full match.According to Greg Stein, director of financial technology at Financial Engines, “The 401(k) match is one of the best deals going for employees, providing an immediate guaranteed return per dollar invested.” A dollar-for-dollar match, for example, is a 100% return on your investment. Here’s how you can ensure you’re capturing every dollar of that match.First, review your current contributions. Make sure you know what percentage of your salary you’re contributing. If your employer matches up to 5% or 6% of your salary, have your contributions at least meet this to get the full match. Adjustments can be made so you’re not playing year-end catchup next year.Next, consider the deadline. Many companies set a cutoff date for changes that can affect your year-end match, often in late November or early December. Make these adjustments before the deadline to ensure your contributions for the entire year are matched.Flexible Spending and Health Savings AccountsFSAs and HSAs allow you to set aside pre-tax dollars for medical expenses, significantly reducing your taxable income. However, unlike retirement accounts, FSA funds typically don’t roll over year-to-year, though some plans do have a grace period. Insurer MetLife (NYSE:MET) warns on its website that FSAs have a “use-it-or-lose
Ven. Gen 17th, 2025
