Making most of your job benefits

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Making the Most of Your Job Benefits : 

1 Making the Most of Your Job Benefits

Time Makes a Difference : 

2 Time Makes a Difference When you’re saving for the future, starting NOW makes a big difference.

Time Value of Money“The miracle of compounding” : 

3 Time Value of Money“The miracle of compounding” Let your money earn money by reinvesting it. For example, earn interest on your interest in a savings account.

Let Your Money Work for You : 

4 Let Your Money Work for You Invest $100 at 5% and let the money GROW.

What if you added $100 to your savings each year? : 

5 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

Slide 6: 

6

Start Saving : 

7 Start Saving It’s the start that stops people!

Job Benefits : 

8 Job Benefits More Money in Your Pocket

Slide 9: 

9 May not be cash Help to increase your standard of living Benefits

Slide 10: 

10 $ $ $ $ $ What kind of benefits might an employer offer?

Possible benefits . . . : 

11 Possible benefits . . . Retirement plans Time off from work Savings and investments Others Possible benefits …

Slide 12: 

12 Health Dental and vision care Disability income Life Unemployment Insurance

How much is health insurance worth as a job benefit? : 

13 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

Slide 14: 

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

Slide 15: 

15 Job Benefits Retirement Benefits 69% Medical Care 76% Dental Care 53% Life insurance 58% Disability benefits 41%

Slide 16: 

16 What kind of benefits do you need?

Slide 17: 

17 Retirement Plans

Tax-Deferred Savings Plans : 

18 Tax-Deferred Savings Plans Assume 28% combined federal & state tax rate

Slide 19: 

19 More Money to Grow

Employee Guidelines : 

20 Employee Guidelines Compare benefits when looking for job Review budget before choosing Review choices annually Coordinate benefits with spouse’s benefits

Slide 21: 

21 Alphabet Soup ?

Slide 22: 

22

Slide 23: 

23 Employer Match: A Bonus

Choose Investments : 

24 Choose Investments

Turn Your Dreams Into Goals : 

25 Turn Your Dreams Into Goals Goals are specific, achievable, written, have dates to begin and end.

Slide 26: 

26 Example of a Financial Goals List

Slide 27: 

27 Step-by-Step Guide to Set Your Goals

Use Website Tools : 

28 Use Website Tools Current Income and Expenses Worksheet Helps with budgeting Allows people to change dollar amounts easily to reach a comfortable balance

Slide 29: 

29 Graphs that Picture Your Financial Situation

Slide 30: 

30 Plan Well, Retire Well: Your how-to guide www.RetireWell.uiuc.edu Interactive Unbiased information Simple to use Information 24/7