The cool autumn air has returned, and the kids are back in school. For those in the workforce, the emerging bright fall foliage should serve as a reminder that the end of another year is fast approaching and it’s time to put things in order for your future. Indeed, there are several items of business that you will want to pay attention to during the last few months of the year, as they may be important to you, your loved ones, and your career.
Employee Benefits. Of the businesses that offer benefits to their employees, more than 75% start their open enrollment periods in October or November each year. Employees and their families are provided plan details for the upcoming year and have an opportunity to ask questions of their benefits team or insurance brokers. Plans often change, and it is strongly advised that employees read through all the changes and choices that may affect them. Be knowledgeable of and utilize the benefits that are provided. For example, while your employer’s benefits package may not include a stand-alone Employee Assistance Program, or EAP, some disability plan providers may include such a benefit automatically. Again, it’s important to familiarize yourself with all plan documents and understand how they may help you and your family. Changes to many of your benefits outside open enrollment generally require a qualifying event, e.g. birth of a child, change in marital status, loss of other coverage, etc., so please pay attention to enrollment deadlines.
Employment Taxes. Now is also a good time to think about changes to your W-4 for next year. If you really like getting a refund when you file your taxes, then consider having more withheld from your pay each payday. If you believe that you are a better steward of your money than the government is, and you plan to owe taxes on April 15th each year, then you may want to lean out your withholding so that less is withheld and more goes into your paycheck. Remember, your overall income tax burden will be unchanged by whichever approach you take, so if really comes down to how you prefer to handle your tax obligations.
Performance Reviews and Merit Increases. If your employer provides annual performance reviews at year-end, and you’ve performed outstandingly throughout the year, then here’s your chance to present your case for a merit pay increase. Your manager probably doesn’t remember all the awesome stuff you’ve done since January, so gather evidence of your significant contributions to include dates, results, metrics, and customer feedback you received and share that with your manager so that you can be properly recognized for your hard work!
As the 4th quarter brings about brisk air, crisp apples, and falling leaves, employees are reminded that taking time this fall to plan for the upcoming year will pay dividends. Please don’t wait until the busy holiday season is upon us to start. Take action today, enjoy the results of your preparation, and rest assured that you’ve put your best foot forward for your wellbeing and that of your family. You deserve it!
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