Smart money move #9: Take advantage of employee benefits

Smart money moves #9

Looking to improve your financial position this year? 

You may have untapped benefits that can help you get the job done. Here are some of the most common employee benefits that may help you save money, reduce your taxes, prepare for the future, and reduce your financial risks.

  • Save money with group insurance coverage through your district. question mark jill
    If your district offers group life, disability or long-term care insurance, consider participating even if you have to pay a portion, because the group rates are typically less than individual rates. Plus you may be able to purchase coverage for family members at the discounted price.
  • Reduce taxes with 125 flexible spending accounts (FSA).
    If your employer offers an FSA (and/or Health Savings Account) you can elect to put pretax dollars aside to cover the cost of eligible healthcare and dependent care expenses. Pretax contributions reduce your taxable income.
  • Reduce future taxes with Roth savings.
    Contributions to a Roth IRA or 403(b) can be a good option to help diversify tax liability in retirement, as most other sources of income will likely be taxed as regular income.
  • Make 403(b) and IRA saving easy with automatic payments.
    Automatic payments, such as payroll deducted contributions and scheduled electronic transfers from a checking or savings account, not only help build your savings but make it more affordable because you are budgeting for smaller, regular amounts.
  • Bank your sick leave for the future.
    If allowed, this benefit may make it easier to retire before you are eligible for Medicare. Compensation from unused time could be a cash payment, additional 403(b) contributions, or payment toward health insurance coverage in retirement.
  • Free financial education and resources.
    Increase your financial knowledge by attending one of our free financial seminars held in school districts around the state.

Check with your district to see if any of these benefits are available to you. Contact Member Benefits for information about additional retirement services, financial planning services, and personal insurance products created exclusively for Wisconsin public school employees.

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