YOUR FUTURE IS CALLING YOUR FINANCIAL We love what we do, but we know we won’t be doing it forever. So besides benefits for the here and WELLBEING now, we have a program to help prepare for the future as well. Your 401(k) The CPK Retirement Savings Program lets you contribute a part of each paycheck to your personal retirement account. It’s a great way to save for lots of reasons: l It’s pre-tax. This feature helps you save two ways. First, you don’t pay income or payroll taxes on the money you contribute to the plan, so you keep more of your pay. Second, you won’t pay taxes until you take the money out in retirement, so it can grow tax-free to build savings faster. l It’s flexible. You can choose from a range of well-known mutual funds to suit your investment needs, and you don’t have to wait for Open Enrollment to make changes. Unlike the rest of your benefits, enrollment for 401(k) is quarterly, so watch for more info at work. 401(k) enrollment is a little different from the rest of your benefits. You can enroll or make changes every quarter, as long as you’re at least 21 years old and have worked for six months. Retirement Planning Tips Here’s a little retirement-planning wisdom: l Start early. Saving a little right now can actually give you more money in retirement than saving more later on. l Save as much as you can. This is a hard one, but it’s really important. Save even if it hurts. Very few retired people ever look back on their lives and wish they’d saved less. l Don’t stress. You know those people in commercials who trade stocks on their iPads all day? That’s where they belong: in commercials. Here in the real world it’s a good idea to check in on your account occasionally, but otherwise leave it alone and let your money do the work. LOWER YOUR TAXES, BOOST YOUR SECURITY Saving is good. Saving directly from your pay is even better — because when the money is taken out before payroll and income taxes your dollars go farther. Flexible Spending Accounts Most of us have everyday expenses like medical and dental co-payments, deductibles, prescriptions, or child care when we’re at work. So why not save on them by using pretax dollars through a flexible spending account (FSA)? l Health Care FSA. Save on hundreds of health care needs, such as eyeglasses, deductibles, co-payments, prescriptions, dental care, and even over-the-counter medications (when accompanied by a physician’s prescription). You can contribute up to $2,750 per year to a Health Care FSA. Remember if you enroll in a Health Savings Account (HSA), you can’t contribute to a Health Care FSA. Sorry dude, the IRS makes the rules! l Dependent Day Care covers a wide range of care (day care, camps in lieu of child care, elder care, etc.) for IRS eligible members of your family, including children and older adults. You can contribute up to $5,000 per year per household to a Dependent Care FSA. 17