So, if you are in an open enrollment period, here are some steps you may want to take:
• Boost your 401(k) contributions. It’s almost always a good idea to put in as much as you can, up to the contribution limit, in your 401(k) or similar retirement plan. After all, you typically contribute pre-tax dollars, so the more you put in, the lower your taxable income. Also, your money can grow on a tax-deferred basis, which means it has the potential to grow faster than an investment for which you paid taxes every year. At the very least, contribute enough to earn your employer’s match, if one is offered. For example, if you work for an organization that will match 50 percent of everything you put in up to, say, 6 percent of your salary, then you should contribute 6 percent of your salary — which is like getting a three percent raise.