Optimizing open enrollment is crucial, yet often overlooked, with over 40% of individuals regretting missed opportunities. It’s important to remember that compensation includes not just salary but also benefits like medical and risk insurance, retirement contributions, and wellness perks. Failing to maximize these can leave financial value on the table.
Key areas to focus on include reviewing retirement contributions, utilizing tax-advantaged accounts like HSAs and FSAs, and updating medical plans and beneficiary information. Employer life insurance, while limited, can complement private plans. Staying proactive ensures employees align their benefits with current needs and secure greater financial well-being.
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Dr. Preston D. Cherry
The Financial Harmony™ Podcast is produced by Concurrent Wealth Management. Dr. Preston Cherry, CFP®, Ph.D., is the founder and a dollar-based flat-fee fiduciary financial advisor based in Houston.
He works directly with high-income Gen X professionals and oil and gas executives on retirement, tax, and investment decisions through comprehensive financial planning and integrated investment management.
Learn more at concurrentfp.com
