Are you getting all of the mileage you can from your workplace benefits? LOTS of people are likely leaving money on the table by not layering benefits correctly, and TODAY we’ll make sure you aren’t one of them. Today Amanda Lannert, CEO of benefit-expert company Jellyvision, joins Joe to share best practices when it comes to increasing the mileage from your benefits. During Joe and Amanda’s conversation, we’ll walk through every benefit in the package and detail how to make better decisions about not just health insurance, life insurance, and disability coverage, but we’ll also talk about flex spending accounts, health savings accounts, dependent care accounts, pet insurance, legal plans, supplemental hospital coverage, dental, and more.
What’s your retirement plan? We’ll kick off our headlines segment by sharing the very scary retirement plan that far too many Americans are relying on. If you’re reading this, you just might be the saver in your group of friends… and after you hear today’s statistics you’ll want to make sure your friends aren’t including YOU as THEIR emergency plan. Plus, in our second piece, one lucky man found a 9-caret diamond in a public state park. As it turns out, it doesn’t matter how you come into money, the IRS will find you, and they’ll get their due. (On the other hand… public roads are nice too).
We’ll finish the show with a Haven Life Line question. Brian’s company started offering withdrawls on after-tax contributions. Brian plans on using the mega back door Roth IRA instead of a 529 plan for his two-year old. He wants to pull out the contributions only and let the growth be used for retirement savings. Brian asks: what do we think of his plan?
Of course, Doug will also be given some air time to deliver his trivia.
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Today’s Headlines:
- Man Finds 9-Carat Diamond. IRS Finds—And Taxes—Man (Forbes)
- Your retirement probably won’t be anything like your parents’…and that’s not good news (MarketWatch)
Amanda Lannert
A big thanks to Amanda Lannert for breaking down benefits for us! Want help from ALEX and Jellyvision? Get started at Jellyvision.com.
Doug’s Trivia
- On this date in history, an international spy thriller debuted in 1962. If this guy were working on HIS flexible benefits package, he should probably opt for A LOT of disability and life insurance. Who is the spy?
- Brian plans on doing a mega backdoor Roth IRA instead of a 529 for his two year old. He plans on pulling out the contributions, and allow the growth to be used for retirement savings. Brian asks for our thoughts on his plan.
Want the guys to answer your question? You can call into the Haven Life Line and get your question answered on-air HERE.
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Written by: Richie Rutter-Reese
Great show as always. I believe Amanda made a mistake in describing HSA’s. At least I hope she did. She said that if you take out money from your HSA after retirement for health expenses it’s tax free. My understanding is you can take money out for health expenses at any time tax free and after retirement you can take it out for ANY expense if you pay tax on it and for approved health expenses tax free.