When reviewing employee benefits during open enrollment, the most important question an individual should ask is, “Are my benefits working for me?”
Many people associate open enrollment with reviewing and updating their health insurance elections. However, open enrollment is a great opportunity to assess and refresh employee benefit elections, particularly retirement benefits. Open enrollment typically occurs in the fall for a two to four-week span where employees can elect or update the benefits provided to them through their employer.
The U.S. News & World Report’s article “Retirement Checklist for Open Enrollment” urges individuals to take the time to take the time to carefully review their retirement benefits to ensure that they’re choosing the right elections for them. For a retirement plan to operate properly, it needs regular care and checkups. Open enrollment is the best time to review plan benefits.
The article also outlines a checklist for employees to consider during open enrollment. This list consists of questions, such as, “What are my current retirement contributions?” “Do I need to update my beneficiaries?” “Are my assets appropriately allocated?” etc.
Michael Goldin, a Senior Vice President at OneDigital, was featured in the article to help provide detailed context into each point of the open enrollment checklist. When discussing the first point of the checklist around contribution rate, Gouldin stated,
If you’re not putting away the maximum, which can be a tall order for some people, try putting in at least 1% more of your paycheck. A target annual savings rate should be 10% to 15% of your salary. So, if you’re below this number, automatically adjusting deferrals by 1% each year is a relatively painless way to get into that target zone.
Mike Gouldin, Senior Vice President, OneDigital Retirement + Wealth
To learn more about what to consider during open enrollment and gain insight from Mike Gouldin’s comments, read the full article here: Retirement Checklist for Open Enrollment.
Want to read more on the year-end checklist for retirement plans? Check out this article: Year-End Checklist for Your Retirement Plan.
Investment advice offered through OneDigital Investment Advisors LLC, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.
The materials and the information provided are not designed or intended to be applicable to any person’s individual circumstances. These statements do not constitute an offer or solicitation in any jurisdiction. All included information and data are limited only to the inputs and other financial assumptions indicated.
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