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Don’t leave money on the table
Make sure you contribute at least 6% to your 401(k) to get the full match from Sandia. Otherwise, you’re losing out on free money from Sandia that can help you accumulate greater savings faster.
Log in to your Fidelity account to see how much you’re contributing to your 401(k).
More smart money moves
Consult an investment advisor
Getting on the right financial path may be easier with support from an investment advisor. In addition to accessing tools and resources through Fidelity, you can use Edelman Financial Engines.
There are two ways to work with Edelman:
- Take advantage of do-it-yourself resources (at no cost to you)
- Work with an advisor to personalize your plan for paying debt and planning for short- and long-term needs (fee-based service)
For more information, visit the Edelman Financial Engines website or call 800-601-5957.
Establish a will and have an estate plan
To be sure that your assets go to the people you want to have them when you die, you need an estate plan that includes a will and/or a trust, advanced medical directives, and a power of attorney on your behalf. As your financial circumstances and the people in your life change through the years, it’s likely that you’ll want to be sure to keep your plan updated to reflect those changes.
Here are some resources to help you get started:
- Review the fundamentals of wills, trusts, and powers of attorney.
- Learn about preserving your savings for future generations.
- For more about creating an estate plan, visit Fidelity.
- If you’re enrolled in the voluntary legal insurance plan through Sandia Extras, you have access to no-cost estate planning services through ARAG (enter access code: 18375san) or call 800-247-4184.
- Connect with a Wellthy care coordinator to learn about legal and financial resources they offer.
- Explore resources available through your Employee Assistance Program (EAP) benefits. For information about who provides your EAP benefits, visit hr.sandia.gov.
Understand the tax advantages of an HSA
If you’re looking for ways to reduce what you pay in taxes, investing in your HSA offers you ways to save on taxes. To contribute to an HSA, you must be enrolled in the Sandia Health Savings Plan (HSP).
With an HSA, you pay no federal taxes on:
- Money you and Sandia contribute
- Money your HSA earns from interest on investments
- Money you use from your HSA to pay for eligible healthcare expenses
Moreover, other than in California and New Jersey, you won’t pay state taxes on your HSA contributions, and only New Hampshire and Tennessee tax HSA interest and investment earnings.
When contributing to your HSA, keep in mind that your contributions and Sandia’s cannot exceed annual IRS limits. Sandia’s contributions include a match on what you contribute and incentives you earn for completing healthy activities. Get all the details at hr.sandia.gov.
To learn more about the tax benefits that your HSA offers, visit the Optum Bank website.