transcript

Hi, this is Linda Rogers from Planning Within Reach.

It is open enrollment season right now for many of you and that means it's the only time of the year that you can review and change your benefits at work. There are exceptions, of course. If you end up getting married, getting divorced, having a baby - some qualifying event like that throughout the year - you can typically go through and make changes again, but for most of you this is the time, so you want to be prepared and to know what to look for. So here's my top 3 things to review.

Consider the legal services benefit

If you don't have a Will, Trust, or Power of Attorneys in order, you do want to go ahead and complete those documents. To meet with an estate planning attorney, it can cost you $2,000+. Well worth it, but the legal services benefit typically is $10-$20 a month and many times that gives you access to an estate planning attorney. So you can enroll in the legal services benefit, get your documents done, and then dis-enroll next year. You do want to be careful though because sometimes the legal services benefit - it's called that - but it doesn't give you access to an attorney. So maybe they'll have an online willmaker software that you can use, but not exactly what you want. I guess it's better than nothing, but you can still go ahead and contact the HR person. I have a sample email below in the description just asking for better benefits and the ability to have access to an attorney and I mention this because I have told clients to do that and they've had success. So it doesn't hurt to ask - just to try and get that benefit paid for and save you potentially $2,000.

Should you pay for ID monitoring?

I typically don't recommend ID monitoring, even though it is cheap. I mean, it's up to you if you want to do it anyway, but I recommend instead freezing your credit, which is free and much more preventative. It's preventing anyone from opening an account in your name. So you go to all three credit bureaus - I have the links below in the description - and you freeze your credit versus the ID monitoring, which is more reactive. They're telling you after the fact that something doesn't look right and you still have to clean up the mess. So preventive is to freeze your credit (free) versus ID monitoring (more reactive) and you're giving yet another company your social security number and all of your info so I tend to not recommend that one.

Obtain disability insurance

So this will replace your income if you have some sort of a qualifying disability. And this is really a big deal. So not to scare you, but to kind of scare you, 1 in 3 people pre-retirement will become disabled and people tend to think of, you know accidents - car accidents - as the cause for it, but actually the leading cause is arthritis. So this is something that you can't work, you're losing your income, disability insurance would kick in. Many times companies do offer this benefit and they'll automatically enroll you. But sometimes you have to enroll and it's not going to be automatic or sometimes the company will offer 50% coverage and to get the supplement you need to enroll in that and pay for that. So absolutely do that. You want to get the maximum coverage and you still want to meet with a financial planner just to make sure that's adequate because there are reasons and certain situations where that disability insurance policy is not going to be sufficient for you. You can also go to www.planningwithinreach.com, go to "Blog", search for "disability insurance", and that's going to give you some more information on that topic.

So that's it for now. Reach out with questions and I will try to answer them. My name is Linda Rogers, Owner of Planning Within Reach.

Linda Rogers, CFP®, EA, MSBA is the owner and founder of Planning Within Reach, LLC (PWR). Originally from New Jersey, Linda services clients throughout San Diego county and nationwide. She leads the design of PWR's investment portfolios which utilize broad, low-cost investments that integrate environmentally, socially, and governance (ESG) factors.

Planning Within Reach, LLC (PWR) is a fee-only and fiduciary wealth management firm offering one-time comprehensive financial planning, ongoing impact-focused investment management and tax preparation services in San Diego and nationwide. PWR is a woman-owned firm that specializes in busy professionals and impact investors. Planning Within Reach, LLC and their advisors do not receive commissions and do not hold any insurance licenses or brokerage relationships.