Making the Most of Your Job Benefits

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Making the Most of Your Job Benefits
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Time Makes a Difference

• When youre saving for the future,
• starting NOW makes a big difference.

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Time Value of MoneyThe miracle of compounding

• Let your money earn money by reinvesting it.
• For example, earn interest on your interest in a
  savings account.

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Let Your Money Work for You

• Invest 100 at 5 and let the money GROW.

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What if you added 100 to your savings each year?

• If you reinvested your money and earned 5 each
  year, then
• in 10 years you would have over 1,400
• In 30 years you would have over 7,000

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Start Saving

• Its the start that stops people!

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Job Benefits

• More Money in Your Pocket

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Benefits

• May not be cash
• Help to increase your standard of living

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What kind of benefits might an employer offer?





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Possible benefits . . .
Possible benefits

• Retirement plans
• Time off from work
• Savings and investments
• Others

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Insurance

• Health
• Dental and vision care
• Disability income
• Life
• Unemployment

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How much is health insurance worth as a job
benefit?

• 3,383 on average annually for single coverage
• 9,068 per employee annually for family coverage

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Which job benefits does your employer offer?
Keep in mind that employers may not have all the
benefits.
And, you may not be eligible for some benefits.
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Job Benefits

• Retirement Benefits 69
• Medical Care 76
• Dental Care 53
• Life insurance 58
• Disability benefits 41

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What kind of benefits do you need?
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Retirement Plans
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Tax-Deferred Savings Plans
Assume 28 combined federal state tax rate
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More Money to Grow
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Employee Guidelines

• Compare benefits when looking for job
• Review budget before choosing
• Review choices annually
• Coordinate benefits with spouses benefits

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Alphabet Soup ?
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Employer Match A Bonus
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Choose Investments
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Turn Your Dreams Into Goals

• Goals are
• specific,
• achievable,
• written,
• have dates to begin and end.

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Example of a Financial Goals List
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Step-by-Step Guide to Set Your Goals
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Use Website Tools

• Current Income and Expenses Worksheet
• Helps with budgeting
• Allows people to change dollar amounts easily to
  reach a comfortable balance

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Graphs that Picture Your Financial Situation
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Plan Well, Retire Well Your how-to guide
www.RetireWell.uiuc.edu

• Interactive
• Unbiased information
• Simple to use
• Information 24/7