Metro You September 2010 : Page 43

Benefit From Good Advice In this time of corporate downsizing and restructuring, many people find themselves pursuing a new career with a new employer. Embarking on a new career should inspire a revision of your existing retirement plan including your future income, eventual age of retirement and standard of living. In addition to this revision of future retirement considerations, don’t ignore your current employee benefits package. Employee benefits and “perks” can account for more than a third of the total compensation your new employer has to offer and should be an important consideration in a complete financial plan. It’s important to understand how to get the most benefit from the options available in your new position. Of course, working with the employee benefits people to gain a full grasp of all that is available is your best option. Here are a few tips to get the most out of this relationship and maximize your benefits. 1. Coordinate health benefits with your existing health coverage. Avoid duplicating coverage or you’ll end up paying for what you don’t need. Financially Empowering Women Patrice L.J. Sinclair, CEP® , CFP® Senior Vice President Investments Investment Management Consultant 2. Contribute as much as you can to your company’s qualified retirement plan. If your employer offers matching funds, increase your saving enough to maximize that contribution. Tax-deferred buildup and matching contributions are two “perks” that are too good to pass up. 3. Review disability options. The chances of an employee becoming disabled for an extended period of time and prevented from working are far greater than those of dying before age 65. Many benefit plans offer good coverage that is much cheaper than what is available from insurance companies. 4. Determine how much life insurance you need. If you have dependents, you may need to have additional life insurance outside the coverage provided in your benefits package. 5. Consider private life and disability insurance if you change jobs often. These benefits are transferable, so your coverage will continue and you won’t be exposed during career transition. “Dedicated to the success of our clients through quality planning and thoughtful advice.” 691 N. Squirrel Road Suite 222 Auburn Hills, MI 48326 Telephone 248-276-2828 Toll-free 800-525-2731 Fax 248-373-7552 ADVERTORIAL 6. Find out about other benefit options your employer provides such as childcare, paid vacations and holidays, extended leave policies, education reimbursement and employee discount packages. 7. Review your benefits regularly and adjust your participation to changes in your family and life. Be sure they still meet your long-term concerns and goals. With the help of your financial planner, making well-thought-out choices about your employee benefits will help you to enjoy your new career move and stay financially healthy. This material was prepared by Raymond James for use by Patrice LJ Sinclair, CEP®, CFP®, Senior Vice President-Investments of Raymond James & Associates, Member New York Stock Exchange/SIPC. Metro You / 43

Benefit From Good Advice

In this time of corporate downsizing and restructuring, many people find themselves pursuing a new career with a new employer. Embarking on a new career should inspire a revision of your existing retirement plan including your future income, eventual age of retirement and standard of living. In addition to this revision of future retirement considerations, don’t ignore your current employee benefits package. Employee benefits and “perks” can account for more than a third of the total compensation your new employer has to offer and should be an important consideration in a complete financial plan.

It’s important to understand how to get the most benefit from the options available in your new position. Of course, working with the employee benefits people to gain a full grasp of all that is available is your best option. Here are a few tips to get the most out of this relationship and maximize your benefits.

1. Coordinate health benefits with your existing health coverage. Avoid duplicating coverage or you’ll end up paying for what you don’t need.

2. Contribute as much as you can to your company’s qualified retirement plan. If your employer offers matching funds, increase your saving enough to maximize that contribution. Taxdeferred buildup and matching contributions are two “perks” that are too good to pass up.

3. Review disability options. The chances of an employee becoming disabled for an extended period of time and prevented from working are far greater than those of dying before age 65. Many benefit plans offer good coverage that is much cheaper than what is available from insurance companies.

4. Determine how much life insurance you need. If you have dependents, you may need to have additional life insurance outside the coverage provided in your benefits package.

5. Consider private life and disability insurance if you change jobs often. These benefits are transferable, so your coverage will continue and you won’t be exposed during career transition.

6. Find out about other benefit options your employer provides such as childcare, paid vacations and holidays, extended leave policies, education reimbursement and employee discount packages.

7. Review your benefits regularly and adjust your participation to changes in your family and life. Be sure they still meet your long-term concerns and goals.

With the help of your financial planner, making well-thought-out choices about your employee benefits will help you to enjoy your new career move and stay financially healthy.

This material was prepared by Raymond James for use by Patrice LJ Sinclair, CEP®, CFP®, Senior Vice President-Investments of Raymond James & Associates, Member New York Stock Exchange/SIPC.

Raymond James & Associates, Inc.
 

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