The do’s and don’t’s of open enrollment

Everyday Wealth

Jean Chatzky

Investing, Business, Education

2 • 935 Ratings

🗓️ 21 September 2022

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

With open enrollment season right around the corner, Jean, Soledad, and Edelman Financial Engines wealth planner John McCafferty discuss considerations to make when it comes to long-term and short-term disability, life insurance and 401K contributions.

Neither Edelman Financial Engines nor any of its affiliates, or their advisors, sell insurance products. EFE’s affiliates may receive insurance related compensation for the referral of insurance opportunities to third parties if individuals elect to purchase insurance through those third parties.

Neither Financial Engines Advisors L.L.C. nor its affiliates offer tax or legal advice. Interested parties are strongly encouraged to seek advice from qualified tax and/or legal experts regarding the best options for your particular circumstances.

See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	This is Edelman Financial Engine's everyday wealth, with award-winning journalist Soledad O'Brien,
0:13.0	personal finance expert Jean Chatsky,
0:15.0	and Edelman Financial Engine's wealth planner,
0:18.0	John McCaffrey.
0:20.0	Really, you only get one opportunity each year, right, to set yourself up for what could come at you down the road, right?
0:28.0	So you've got short-term disability, long-term disability.
0:31.0	Those are decisions that you have to make you got to decide you want more
0:34.1	life insurance you got to decide what you're going to do around health care what's your
0:38.5	plan going to be I've always been struck by the huge number of people who pay absolutely no attention to this.
0:46.8	And the folks at Harvard, they dug into this.
0:48.9	They found 30% of U.S. workers just roll along, they call them roller, they roll along with the plan.
0:56.3	About 28% say that they are planners, they actually take a look at this, good for them.
1:02.5	22% are analyzers, they get into the data, 12% are consultants.
1:07.8	I guess those are the folks that ask their financial advisor,
1:11.2	hey, can you help me here?
1:13.7	And 8% of workers don't even open the email.
1:16.4	They're just avoiders.
1:17.8	So then walk us through, John,
1:20.3	since we get this one opportunity, once a a year what you should be thinking about
1:24.7	when it comes especially looking at disability which I think might be more
1:29.0	important than life insurance sometimes it is for most, disability insurance is far more important than life insurance.
1:35.9	It's intended to protect you.
	...

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