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Beth A. Botti, CFP®, ChFC, CLU, CDFA™
Financial Consultant
California Insurance License #0G24537
612 Wheelers Farms Road, Milford, CT 06460
Phone: 203-877-6556 Ext. 169
Fax: 203-301-0736
Email: beth.botti@equitable.com
September/October 2017
Time for a benefits check
Autumn can be a busy time. Kids are back in school and the holidays are looming. Making employee benefits decisions may be just one more thing piling up on your to-do list. So you might be tempted to take a shortcut by renewing your current benefits without reviewing your options.
That could be a mistake. Open enrollment gives you an opportunity to reexamine your benefit choices and learn about any coverage changes or premium increases for 2018. It also gives you a chance to compare benefits, such as health care, dental, and vision coverage, with those offered by a spouse’s employer and choose the most appropriate and cost-efficient options for your family.
The pretax advantage
Your portion of the cost of some benefits your employer may offer is deducted from your pay before taxes are taken out (pretax). Since a smaller portion of your pay is subject to current taxes, pretax benefits may cost less than you expect.
Health insurance premiums are an example of an expense that you typically pay for with pretax dollars. Your employer may also offer a pretax flexible spending account (FSA) to pay out-of-pocket health care expenses, including doctor visit copays, prescription drugs, and other costs that your insurance doesn’t cover. And you may be able to contribute pretax money to a dependent care FSA to pay for child care for a child younger than 13 while you and your spouse work.
Help with retirement investing
The ability to set aside money for retirement in an employer’s tax-qualified plan is potentially a valuable benefit. Consider revisiting your contribution amount while you’re reviewing your other employee benefits. If you’re not contributing enough to take full advantage of any employer matching funds, think about increasing your deferral amount. As with health and other benefits, plan contributions are deducted from your pay pretax.*
Disability check
Your employer may provide group disability income insurance as one of your benefits. However, if your group policy replaces only a portion of your income, you may need a supplemental policy to be adequately covered. Talk to your financial professional.
*Some retirement plans offer a Roth 401(k) option, which allows participants to make aftertax contributions and, if all requirements are met, take distributions free of federal income taxes.
FINRA Reference FR2017-0427-0092/E 08/02/17
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Duly registered and licensed financial professionals offer securities through Equitable Advisors, LLC (NY, NY 212-314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN), offer investment advisory products and services through Equitable Advisors, LLC, an SEC-registered investment advisor, and offer annuity and insurance products through Equitable Network, LLC (Equitable Network Insurance Agency of Utah, LLC in UT; Equitable Network of Puerto Rico, Inc.). Equal Opportunity Employer - M/F/D/V. Equitable Advisors and its associates and affiliates do not provide tax, accounting, or legal advice or services. Representatives may transact business, which includes offering products and services and/or responding to inquiries, only in state(s) in which they are properly registered and/or licensed. Your connection to this website does not necessarily indicate that the sender is able to transact business in your state. The information in this website is not investment or securities advice and does not constitute an offer. For more information about Equitable Advisors, LLC you may visit https://equitable.com/crs to review the firm's Relationship Summary for Retail Investors and General Conflicts of Interest Disclosure.
GE-6572038.1 (4/24)(Exp. 4/26)
CFP®, and CERTIFIED FINANCIAL PLANNER™ are certification marks owned by the Certified Financial Planner Board of Standards, Inc. These marks are awarded to individuals who successfully complete the CFP Board's initial and ongoing certification requirements.
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