Michael and Brady provide a comprehensive guide on navigating employee benefits and retirement planning during open enrollment. Key topics include the differentiation of healthcare plans like HMOs and PPOs and the strategic use of Health Savings Accounts (HSAs) and Flexible Spending Accounts (FSAs) to maximize tax advantages. The episode also covers the importance of short-term and long-term disability insurance, particularly for maternity leave, the benefits and limitations of group life insurance, and strategic retirement saving. Discussions extend to maximizing employer matches in retirement plans, the considerations between Roth and pre-tax IRAs based on tax brackets, and utilizing legal benefits through employer-provided plans.
Key Timestamps:
(00:00) - Understanding Open Enrollment
(03:15) - Types of Benefits and Considerations
(05:12) - Triggering Life Events and Adjustments
(06:21) - Core vs. Ancillary Benefits
(07:29) - Medical Insurance Options
(15:52) - Flexible Spending Accounts (FSA) vs. Health Savings Accounts (HSA)
(18:44) - Understanding HSA Tax Benefits
(24:38) - The Importance of Disability Insurance
(26:51) - Group Life Insurance Considerations
(30:17) - Retirement Plan Options and Strategies
(35:31) - Leveraging Legal Benefits
Key Topics Discussed:
Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, financial coach, student loan debt, finance guidance for high earners, business owner finances
Mentions:
Website: https://www.genesiswealthplanning.com/
Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/
Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/
Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta
This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or Genesis Wealth Planning and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.
Michael Acosta and Brady Hemmerle are Registered Representatives and Financial Advisors of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Genesis Wealth Planning is not an affiliate or subsidiary of PAS or Guardian. Michael Acosta'sCA Insurance License # 0M50974. Brady Hemmerle’s CA Insurance License # 4353077. 7237198.21. Expiration 10-27.
