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November 16, 2011

Improve your financial picture during open enrollment

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Be cautious about adding company stock. You may be loyal to your employer, but try not to hold too much company stock in your 401(k). After all, your company, like all businesses, may go through ups and downs, and if your portfolio is dominated by this single stock, you may experience considerable volatility. And if your company matches your 401(k) contributions with its own stock, you may want to invest all your own money in vehicles other than company stock.

Take all the insurance that's offered. Typically, when employers offer life insurance as a benefit, it's at little or no cost to you, so you'll probably want to take all that's offered. However, this amount may still be less than what you really need to fully protect your family, so you may well need to purchase an individual policy to supplement your employer's coverage. And always be aware if your employer reduces or eliminates the insurance that's offered as an employee benefit, because you'll then need to adjust the policy that you've bought outside work.

You can review and improve your financial picture during open enrollment — so take advantage of this opportunity.

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Edward Jones Financial Adviser Michael Quinn submitted this column. Quinn's Edward Jones office is at 25 Railroad Square, Suite 201, Haverhill. He can be reached at 978-372-8453. Join the discussion. To comment on stories and see what others are saying, log on to hgazette.com.

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