It's Open Enrollment Time – Are You Prepared?

KENTWOOD, Mich. - Sept. 25, 2014 - PRLog -- Fall is a popular season for employers to offer open enrollment for health and insurance benefits. If you’re reviewing your benefits selections for next year, you may be tempted to simply “check the boxes” again.

However, keep in mind that your benefits are just that – yours. It’s important to study all your options.

Here are the questions you should ask yourself before you complete your benefits enrollment.

Am I providing for my or my family’s future?
You’ll want to develop a proactive strategy to help ensure your family has the necessary financial resources should something happen to you. Medical, disability and life insurance plans can play a key role. Review your insurance options to determine how each might fit your situation.

For example, should you purchase supplemental life insurance through work or an individual policy? A policy that you purchase for yourself may be more cost-effective – and will stay with you even if you change employers. Your Edward Jones financial advisor can help you decide what life insurance may work for you in light of your overall plan for the unexpected.

Am I saving enough for retirement?
Fifty years ago, the average age of retirement was 64, and the average life expectancy was 70 years.* Today, retirement typically occurs around the same age, but people now live longer.

To account for this potentially lengthy retirement, are you taking advantage of any retirement savings opportunities or match incentives offered by your employer? It's important to assess where you are in your retirement savings journey, so you can determine the work that lies ahead.

Taking the Next Step
Your financial advisor can help you review your strategy so you can make the most of open enrollment. To learn more about your options and how they relate to the goals you have for you and your family, or to open an account, contact Mark Grooters at (616) 281-9026 or visit https://www.edwardjones.com/en_US/fa/index.html&CIRN=431114.

* “Trends in retirement age in four countries, 1965-95,” Monthly Labor Review, Aug. 1, 1998; and Life Expectancy at Birth by Race and Gender, 1930–2010, National Center for Health Statistics, National Vital Statistics Reports