It’s Open Enrollment time, that period in which you can review and revise your employee benefits package.
What areas should you focus on?
For starters, consider the life insurance offered by your employer. If you’ve had significant changes in your life, such as welcoming a child to your family, you may now need to supplement your employer’s coverage.
Also, how about disability insurance? Add up your monthly expenses and then compare the total to the disability coverage in your employer’s plan. You may discover a “gap” that should be filled.
Finally, consider boosting your contributions to your 401(k) or other employer-sponsored retirement plan. And review your investment mix to make sure it’s still appropriate for your needs.
Your benefit package is important — so make the most of it.
This is Gary Coon, your Edward Jones financial advisor located in Port Clinton.