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Oaktree Financial Advisors Blog

What to Do During Open Enrollment: How to Make Your Employee Benefit Choices for 2017

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It's that time of year – time to make your benefit choices for next year. For Eli Lilly employees the period to make your choices begins October 17th and ends November 4th. Other employers' open enrollment period may differ but is probably around this same time. You only get a couple weeks to make decisions that will impact you and your family for all of 2017. These selections can only be made during this enrollment period and are irrevocable unless you have a change in your status.  In the words of Eminem, "You only get one shot, do not miss your chance"... some of you get that reference and some of you have no idea. Anyway, make sure that you consider your options carefully.

Here are 10 things you should do during enrollment. Hopefully this will help make the process a little bit easier for you.

You Can't Use Your Cell Phone When You're Dead

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I talk to people every day about their finances. As you might imagine, I see a lot of different situations. One thing that I see too often is families that do not have enough life insurance. Too many times people take whatever life insurance their employer happens to provide and maybe they buy a little bit more through work and they leave it at that. They never really thought through the decision and what their family needs, they just signed up during benefits open enrollment at work.

Comparing the Clinton and Trump Child Care Plans

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Millions of Americans pay for childcare or stay at home to provide care instead of working. Millions more provide unpaid care to an adult, while some families are doing both – called the “sandwich generation”.

Workers spend time out of the workforce providing this care, thus costing their families money. The two presidential candidates have proposed different ways of reducing part of this burden on families through their child care plans. Let’s take a high-level look at both.

Your Employer's Life Insurance May Not Be The Best Deal

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Save money on your life insurance and put the savings in  your 401(k)

Many workers sign up for the life insurance that their employer offers and I don't think they give it much thought. They can't shop for it. It's not like they can look at three different policies the employer is offering and take the one that's the best price for them. There's one choice. Granted, there are usually some options. For instance, the Eli Lilly employees we work with are given two times their base salary in life insurance at no cost to them. That's a great deal, no doubt. They then have the choice of purchasing up to an additional five times their base salary at whatever the current rates are. The rates increase in five year bands. For instance, the cost is a certain amount at age 40-44 and then increases from age 45-49, age 50-55 and so on. So the same amount of insurance would cost you more money every five years.

Perspective on Recent Market Volatility

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Often during times of market volatility investors feel as though they should be doing something, but usually the best course of action is to do nothing.  This article gives us a little perspective on the recent market.