{"id":26304,"date":"2025-01-03T13:02:08","date_gmt":"2025-01-03T18:02:08","guid":{"rendered":"https:\/\/jobbinghood.com\/magazine\/2024\/12\/11\/preparing-for-the-future-start-by-reviewing-your-benefits\/"},"modified":"2025-01-03T13:02:08","modified_gmt":"2025-01-03T18:02:08","slug":"preparing-for-the-future-start-by-reviewing-your-benefits","status":"publish","type":"post","link":"https:\/\/jobbinghood.com\/magazine\/2025\/01\/03\/preparing-for-the-future-start-by-reviewing-your-benefits\/","title":{"rendered":"Preparing for the future? Start by reviewing your benefits"},"content":{"rendered":"

Preparing for the future? Start by reviewing your benefits<\/span><\/p>\n

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\"AThere\u2019s no better time than the end of the year to review where you are\u2014and where you want to be. As you think about 2025 and beyond, take some time to go over your retirement and health benefits so you can go into the new year feeling more confident about your future.<\/p>\n

Review (or start!) your retirement savings plan<\/strong><\/p>\n

It\u2019s never too early to start thinking about your retirement savings plan. The more time you can take early on, even by starting small, the better off you\u2019ll be in the long run. And even if you\u2019re further along in your journey toward retirement, it\u2019s always a good idea to check in and think about whether you should be making any changes.  <\/p>\n

If you\u2019re just starting:<\/em><\/p>\n

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  1. Make a budget<\/strong>. This can be as simple as saying, \u201cI can manage putting aside $50\/month.\u201d But you may want to determine a target saving rate<\/a>, which is the percentage of your salary you should save to have what you need in retirement.<\/li>\n
  2. Enroll in your job\u2019s retirement plan<\/strong>. If you haven\u2019t been automatically enrolled, check with Human Resources or a similar department to see what your options are.<\/li>\n
  3. Maximize your contributions<\/strong>. Ask your employer if they match contributions and try to contribute as much as you can to get the full match amount. Your employer match is essentially \u201cfree money,\u201d so take advantage of it if you can!<\/li>\n
  4. Don\u2019t touch it!<\/strong> Leave your money in your retirement account and let it grow over time. However, don\u2019t let this discourage you from saving now \u2013 many plans let you access some portion of your retirement account if there\u2019s an emergency.  Find out how your plan handles this. It should be a last resort but knowing there are options might make you feel better about saving.<\/li>\n<\/ol>\n

    If you\u2019re close to retirement:<\/em><\/p>\n

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    1. Review your finances.<\/strong> Check how much money you have in your retirement account and other savings and compare that to how much you\u2019ll need based on your current expenses.<\/li>\n
    2. Make adjustments.<\/strong> If what you have and what you\u2019ll need don\u2019t match up, review your budget and change your contribution amounts.<\/li>\n
    3. Find out <\/strong>how to claim your retirement benefits<\/strong><\/a>.<\/strong> Your plan must have a document called a Summary Plan Description (SPD), which includes the procedures for filing a claim. You can request one from your plan administrator in writing if you don\u2019t have it on hand.<\/li>\n
    4. Make a plan.<\/strong> Start thinking about how you\u2019ll spend, save and invest during retirement so this money lasts as long as you need it to.<\/li>\n<\/ol>\n

      Whatever your stage, check out EBSA\u2019s Savings Matters<\/a> planning tools, which help explain how to save in various scenarios, including if your employer doesn\u2019t offer a retirement plan. <\/p>\n

      Read your health plan\u2019s SPD    <\/strong><\/p>\n

      Like retirement plans, your health plan must have an SPD. This vital document not only lays out how to file health benefit claims<\/a>, but it also explains: <\/p>\n