Cost-effective ways to improve your financial situation
Does your job come with benefits? Many of us automatically think about health insurance and vacation time. But what about other benefits your employer offers? Taking advantage of them may be cost-effective and help you improve your financial situation. Here are a few ways:
- Enroll in your 401(k): Enrolling in this type of retirement account offers tax advantages and tax-deferred growth potential.
- Get the match: If your employer offers a 401(k) match, contribute enough to get the full match. If you don’t, you’re potentially leaving money on the table.
- Review how your dollars are allocated: Review your portfolio each year, and if necessary, rebalance. Be sure to keep in mind your risk tolerance, as well as timeframe and other investments.
- Take advantage of flexible spending accounts: These accounts allow you to contribute pre-tax dollars to use during the year to pay eligible medical and child care expenses. Be sure to use wisely.
- Consider additional insurance: Many employers allow employees to buy additional life and disability income insurance coverage at a reasonable cost.
Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements.
Insurance products issued or offered by Thrivent Financial, the marketing name for Thrivent Financial for Lutherans, Appleton, WI. Not all products are available in all states. Securities and investment advisory services are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415, a FINRA and SIPC member and a wholly owned subsidiary of Thrivent. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc. They are also licensed insurance agents/producers of Thrivent. For additional important information, visit Thrivent.com/disclosures.