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Use ‘open enrollment’ to meet financial goals

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November is a popular month for “open enrollment” — that time when you can choose from the options offered in your employer’s benefits package. By making the right moves in some key areas — such as your 401(k) and life insurance — you can help protect your family and boost your progress toward your long-term financial goals.

Let’s consider your 401(k) first. If you haven’t taken part in your 401(k) plan, you need to review the benefits of this excellent retirement-savings vehicle. First, you contribute pre-tax dollars to your 401(k), so the more you put in, the lower your adjusted gross income — and the lower your annual tax bill. Also, your 401(k) earnings accumulate on a tax-deferred basis. Furthermore, your employer may offer a matching contribution, and if you’re not participating in your plan or not putting in enough to earn the match, you’re essentially leaving money “on the table.”

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