Advisors

Welcome to Journey! I'm Sarah, your dedicated financial advisor. I'm here to help you navigate your financial journey and make the most of your benefits and compensation package.

Congratulations on your new position! Starting a new job is the perfect time to set up a solid financial foundation. Let's start by reviewing your benefits package together. What specific areas are you most interested in understanding better?

Great question! The difference between traditional and Roth 401(k) comes down to when you pay taxes. With traditional, you contribute pre-tax dollars now and pay taxes when you withdraw in retirement. With Roth, you contribute after-tax dollars now, but withdrawals in retirement are tax-free. Based on your current tax bracket and projected retirement needs, I'd recommend the Roth option for you. As for contribution amount, your employer offers a 5% match, so at minimum you should contribute 5% to get the full match - that's essentially free money!

For health insurance, your company offers three options: a High Deductible Health Plan (HDHP) with HSA, a PPO plan, and an HMO plan. Based on your age, general good health, and financial goals, the HDHP with HSA might be the best option. The premiums are lower, and you can contribute to a Health Savings Account (HSA) which has triple tax advantages: tax-deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

That's a solid strategy! The 2022 HSA contribution limit is $3,650 for individuals. If you can afford to max it out, it's a great investment vehicle for both healthcare costs and retirement savings. Would you like to schedule a more comprehensive benefits review session to go through all your options in detail?

Perfect! I've scheduled a 45-minute session for next Monday at 2:00 PM. You'll receive a calendar invitation shortly. In the meantime, please gather any benefits documentation from your employer so we can review it together. Looking forward to our meeting!

Hi there! It's been a few months since our last conversation. How are you settling into your new role? I wanted to check in as we're approaching year-end, which is a good time to review your financial progress and plan for 2023.

I'm glad to hear you're doing well! For open enrollment, I'd recommend reviewing a few things: 1. Check if contribution limits for 401(k) and HSA are increasing for 2023 2. Review your health insurance usage this year - did the HDHP work well for you? 3. Consider adding disability insurance if your employer offers it 4. Look into flexible spending accounts for dependent care if applicable Would you like to schedule a quick call to go through these options?

Excellent question! Yes, there are several year-end tax planning strategies we should discuss: 1. Tax-loss harvesting if you have investments in taxable accounts 2. Charitable contributions if you itemize deductions 3. Maximizing retirement account contributions 4. Reviewing estimated tax payments if you have additional income We'll cover all of this in our call next week. I've added these topics to our agenda.

Hi there! I'm Sarah, your dedicated financial advisor. I've reviewed your financial profile and noticed a few opportunities to optimize your benefits and investments. How can I help you today?

That's wonderful news! I'd be happy to help you understand your fertility benefits. Your employer offers comprehensive fertility coverage through Carrot Fertility. Here's an overview of what's included:

Additionally, I noticed you're not maximizing your 401(k) match. This is essentially leaving free money on the table. Here's information about your 401(k) match program:

Great question about using your HSA for fertility treatments. Many fertility treatments are considered qualified medical expenses for HSA purposes. Here's more information about your HSA benefit:

For fertility specifically, treatments like IVF, fertility medications, and some testing are HSA-eligible. However, some experimental treatments may not qualify. I recommend keeping all your medical receipts and documentation for tax purposes.

Perfect! I'm glad you found this helpful. I'll prepare a more detailed analysis of how to optimize your benefits for family planning before our meeting. Feel free to send any additional questions in the meantime. Looking forward to our conversation!

Hi there! Just checking in before our meeting tomorrow. I've prepared a detailed analysis of your fertility benefit options and how they integrate with your HSA. I've also put together some recommendations for optimizing your 401(k) contributions. Is there anything specific you'd like to add to our agenda?

I'll add those topics to our agenda. Budgeting for out-of-pocket expenses and understanding your parental leave benefits are both important aspects of family planning. I'll gather the relevant information about your company's parental leave policy to review during our meeting.

That's excellent news! Maximizing your HSA contribution is a smart move, especially with potential medical expenses on the horizon. The triple tax advantage will really benefit you. I'll see you tomorrow at 3:00 PM for our meeting. Looking forward to it!