As 2018 is nearing to an end, you need to start planning for 2019 benefits. As an employee, some items you need to think about include:
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Health Insurance
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Retirement Benefits
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PTO
Health Insurance: an expensive but mandatory benefit you should partake in if your company offers it. Some plans are better than others, so check with your spouse to see who’s employer offers the best plan for the best rate. Each plan is different and some may charge a fee if a spouse if offered health insurance through their company. Some employers offer vision, dental & other insurance benefits, so be sure to check those benefits out if they are offered to you as well.
Retirement Benefits: if your company offers a dollar for dollar match for retirement, you should try to contribute the maximum amount your company will match. Saving for retirement is a must and the average recommended amount to save each year is 15% of your annual salary. Contributing more is always recommended but it is not always feasible. Be sure to consult with your financial planner if you have any questions.
PTO: many people don’t think about this, but if you are planning a trip or expect to be gone for a period of time next year, saving up PTO is a must. However, each employer offers various carry forward balances for PTO so you may be limited on how much you save for the next year. Employers may offer sick time or other days off, so be sure to ask what days you will have off and if they are paid.
There are other benefits employers offer, however these are the most common. Start thinking about these benefits for time runs out, because the end of the year approaches more quickly than one would think. Making the time to plan properly for the coming year will be extremely worthwhile and you will thank yourself later.