An explosion of benefits – InsuranceNewsNet

Here are some other innovative offerings – estate and funeral planning services, identity theft insurance, home and auto group insurance, and travel planning services. It seems like the list could be endless as employers struggle to attract and retain important and much-needed employees.

For many years (in the “old days”) we expected the benefits package of large employers to include health care; a retirement or profit-sharing plan, with an expectation of matching from the employer; paid sick and vacation leave, and maybe even a defined benefit pension plan. In some cases, the package may also include group life insurance, parking where there is no free parking, and tuition assistance.

Somewhat recently, we’ve seen packages expand to include benefits like student loan debt relief, maternity and paternity leave, transportation assistance, and gym memberships.

That said, I recently read an article in the Rochester Business Journalwhich confirmed what we noted earlier in this column, namely that in a recent Road of laurels survey, 72% of Americans under 40 said that managing their finances takes a toll on their mental health. Additionally, 79% of this group indicated that they would feel less stressed if they were more informed about topics such as paying off student loans, paying off debt, understanding investment options and smart money management. Next, the article suggested the possibility for employers to add financial wellness to their benefits packages, and noted that there are resources to accomplish this. They include the [email protected] program offered by KeyBank. It offers educational sessions, a free financial wellness review, and digital tools and resources.

For me, this is an important employee benefit that I hope more employers will offer and more employees will take advantage of. About it, in my financial literacy CARE presentations, I always tell students to never stop learning and thinking about your personal finances, and I suggest that if they haven’t already, they take a personal finance course in high school or college . Also, take advantage of any financial education programs or conferences that their future employer or church may offer. I started speaking about employer offers after — in my early days of financial education, when the Democrat and Chronicle frequently covered my efforts — I was invited to speak to a number of D&C employee groups.

Regarding the explosion of employee benefits offers, I did some research and found benefits such as mental health wellness programs, a number of on-call days paid emergency children, pet insurance plans and my favorite – FURTERNITY LEAVE. Yes, a few days off to bond with this new four-legged animal, to take him to the vet or in case of bereavement.

Here are some other innovative offerings – estate and funeral planning services, identity theft insurance, home and auto group insurance, and travel planning services. It seems like the list could be endless as employers struggle to attract and retain important and much-needed employees.

On another important topic, much of the financial advice you hear in the media today focuses on paying off revolving debt, like credit card debt, while the Federal Reserve interest rates continue to rise, which means for many Americans that the interest rates on their credit cards will also rise.

That said, it’s time to review how to do this. First, you need a firm commitment to do whatever it takes to pay off that debt, and then you need a realistic plan that you can stick to. For starters, when you’re making your plan, it’s essential that you commit to not increasing outstanding balances, which means you need to have enough savings for emergencies and know your planned expenses for the following year. It also means that you must have a spending budget that will allow you to avoid any impulse purchases, have a set amount of money to implement your debt repayment plan, but also have money to to be able to reasonably enjoy your life. and the fruits of your hard work, so that you don’t get discouraged.

If you only have one credit card, pay the specified budgeted amount each month. Of course, this must be more than the minimum payment.

If you have more than one credit card, you must choose one of two methods. They have been called differently over the years, but a recent article from the Rochester Business Journal called them the “snowball” and “avalanche” methods. In either case, you must pay at least the minimum payment on each credit card.

Then the snowball method focuses on paying off the card with the lowest balance, until all cards are paid off. The upside is that you’ll feel a sense of accomplishment sooner as you pay off each debt, giving you the momentum to keep going. The downside to this method is that it ignores interest rates, so it may mean that it will take you longer to pay off all your credit cards, and it may mean that you end up paying more.

On the other hand, the Avalanche method focuses on paying off the credit card with the highest interest rate first, until all credit cards are paid off.

Whichever method you choose, which will largely depend on your true self-knowledge and honesty with yourself, embarking on the process of paying off debt will be personally and financially rewarding.

On a final note, but a topic we visit frequently, even though a lot of economic news is bad news, it’s a teachable time for young children. Even though your family is going through financial stress and strain, now is the time to show your young children how you will handle and overcome these tough times. Show them the different spending choices you can make, explain the need to save more for times like this, show them in stores how prices have gone up and often times how sizes have gone down. Check out mint.intuit.com for helpful websites and check out books on Amazon to help teach kids about finances.

John Ninfo is a retired bankruptcy judge and the founder of the National CARE Financial Literacy Program.

Here are some other innovative offerings – estate and funeral planning services, identity theft insurance, home and auto group insurance, and travel planning services. It seems like the list could be endless as employers struggle to attract and retain important and much-needed employees.

Jean Ninfo

Personal finance

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UNITED STATES NETWORK TODAY – ATLANTIC

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