Are You Throwing Away Free Money?

by 26 people | Log in to rate

Ranked #20,654 in How-To, #212,546 overall

How to take advantage of your employee benefits to keep more of your money

In this lens I will discuss one of the ways that you can keep more of the money you make, and avoid costly mistakes that many people regret. I'm a former Employee Benefits Manager and I've counseled hundreds of people in ways to make the most of the benefits offered by their employers. In these days of rising health insurance costs and disappearing raises, it is important to know what to look for and ways to maximize your income.

Get the Match, the 401k Match!
Here's Another Way I Can Save You Money!
Angelinas Crafts And Home on BISI
See What's New in My eCrater Store!
BuyItSellIt Stores
Great Stuff on Amazon
New Guestbook
New Del.icio.us bookmarks
New Links Plexo

Get the Match, the 401k Match!

Your Employer is trying to give you more money!

Does your employer offer a 401k or 403b plan? Are you participating in it? There are SO many excuses and reasons why you don't want to commit that "chunk" of your paycheck, aren't there? Well, here's the deal. Buried in all the paperwork and legal stuff you got when you were hired, there are details about what could be the best deal you've ever ignored. FREE MONEY!! Yep, you put in some, and they give you some. Plus, your contribution is PRE-TAX. It lowers your taxable income and feels like even less of a hit than you thought. Depending on your tax bracket, you could be saving up to 40% of each dollar contributed from going to the government. In other words, each $10 of contribution you make only results in approximately a $6 cut in your paycheck ($100 contribution "costs" you $60). Yes, you could be saving on taxes by contributing to your own IRA, but are you?? If you are, great! But you should still be contributing to your employer's 401K at least up to the level that your employer will match your contributions. That's the rest of the free money. You contribute say, 5% of your gross earnings, and they GIVE YOU 1% or 2% or more. Some employers will even match your contribution dollar for dollar (if you find one of those, stay there awhile!)
SO...pre-tax contributions and free money from your employer. Again, you're not doing this why? Yeah, it's time consuming and confusing to wade through all that paperwork and fill out all those forms. If you found $100 in the street would you pick it up?? Some employers are now making it easier by automatically enrolling all employees and allowing then to opt out. If you have one of those, stay in the plan!!
The other mistake often made in not enrolling in optional Long Term Disability insurance. If it is not offered automatically, seek it out and make sure you are enrolled. Life Insurance is important if you have dependents, a mortgage, mouths to feed. You have a much higher chance of becoming disabled during your working life than you do of actually dying. If you become disabled, you and your family will need even more replacement income to support you. These plans seldom cost more than a few dollars from each paycheck. Look for one that replaces at least 60% of your gross earnings and provides benefits for at least 5 years of disability. For less than the cost of a couple of lattes, you can have protection and peace of mind!

Here's Another Way I Can Save You Money!

Shop at my BISI store

I've moved my store to BuyItSellIt. Their superb service and low cost allow me to pass the savings on to you. Stop by Angelinas-Crafts-And-Home.com to find great deals on home decor, rubberstamps, scrapbook supplies and much much more.

Angelinas Crafts And Home on BISI

See What's in my BISI Store!

Fetching RSS feed... please stand by

See What's New in My eCrater Store!

Rubberstamps and scrapbook supplies at great prices!

At AngelinasCraftsAndHome.ecrater.com you'll find great deals on new and gently used rubberstamps, scrapbook and card making supplies from quality brands like Inkadindado, Stampin' Up!, Jolee's, Colorbok and more.

Fetching RSS feed... please stand by

Are You Throwing Away Free Money?

How to take advantage of your employee benefits to keep more of your money

Table of Contents

Get the Match, the 401k Match!

Your Employer is trying to give you more money!

Here's Another Way I Can Save You Money!

Shop at my BISI store

Angelinas Crafts And Home on BISI

See What's in my BISI Store!

See What's New in My eCrater Store!

Rubberstamps and scrapbook supplies at great prices!

BuyItSellIt Stores

BuyitSellit Stores only please

1

2

3

4

5

6

7

8

9

10

Please pick your widget size and display. Then click "Make the Widget" to get the code that's just right for you.

Voila: Just copy and paste this code into your own site. Have fun!

Oopsey! Please login to Squidoo in order to add this module to your lens.

Great Stuff on Amazon

There are experts out there just waiting for you to buy their books

New Guestbook

New Del.icio.us bookmarks

New Links Plexo

1

2

3

4

5

6

7

8

9

10

11

Please pick your widget size and display. Then click "Make the Widget" to get the code that's just right for you.

Voila: Just copy and paste this code into your own site. Have fun!

Oopsey! Please login to Squidoo in order to add this module to your lens.

by pattia3

Explore related pages

Related Topics

pattia3 Recommends...

About pattia3

pattia3's Pages

About Squidoo

Help & Feedback

Support Charity

Fancy meeting you here.

Loading Workshop

Report this Lens

Login

Join Squidoo for free!