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Top 5 Financial Benefits to Inquire About When Starting a New Job

Overview

Landing a new job can be an exciting time in your life.  Whether this is your first job out of college, a promotion from your current position, or you are getting back into the workforce after a lengthy period out of work, it is important to take care of few financial housekeeping items.  Employers have a lot of benefits that employees can take advantage of.  Unfortunately, many of these benefits aren’t automatic, and will require an employee to either sign up or complete the appropriate registration to participate.  Below is a list of common benefits that you should inquire about when starting a new position.

Retirement Plan

Saving for your retirement during your best earning years is always a smart move.  Investing into a traditional 401k program is a popular option that allows you save pre-tax dollars to fund your retirement.  Many employers will match anywhere from 5-10% of your pay, and sometimes more, allowing you to compound your savings.

Health Benefits

If you are starting a new job, understanding the health benefit options and costs from an employer is very important.  This can be especially costly for anyone with a family, so making the right choices and selections can save you in the long run.  In addition to traditional benefits, be sure to inquire about dental and vision plans, as well any life insurance options.

Health Savings Accounts

Flexible savings accounts and health savings accounts are ways to purchase your health related products and services with pre-tax dollars.  This may take a bit of spending analysis since you have to fund this account with a pre-determined about before the year.  You can use these funds for prescription medicine, approved health services such as physical therapy, as well as co-pays for normal visits.  Be sure to examine all your options with the plan, and it may require you to save and upload receipts for approval.

Employee Discounts

Plenty of retailers have partnered with businesses to extend great savings to their employees.  These discounts should have been the rationale behind accepting or declining a job, but they are a useful tool to save money if you are aware of them.  Some examples of employee discounts are cellular plan discounts, computer equipment, or discounts at local retailers.

Benefits like the ones listed above have become an increasingly important part of overall compensation programs over the past decade.  Employers are competing for talent, and as a result, there are plenty of great benefits for employees to take advantage of.  If you just accepted a position, take the time to speak with the human resources department, and see if there is a benefit for you.

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