What Professors Need to Know for Open Enrollment This Fall

Open enrollment season is right around the corner—an ideal time to review how you’re using your employee benefits and make any necessary updates. Whether you’re looking to reduce taxes, boost retirement savings, or ensure you have the right insurance coverage, a thoughtful review now can set you up for long-term success.

Maximize Your Retirement Contributions

Start by checking your current retirement plan contributions. If you’re age 50 or older, you’re eligible for catch-up contributions to save more for retirement. And if you’re ages 60 to 63, you may qualify for the new “super catch-up” provision—an additional opportunity to increase savings by $3,750 per year.

In addition to your primary retirement plan, many universities offer access to a 457(b) plan, which can provide further tax-deferred savings opportunities.

Rethink Your Pre-Tax vs. Roth Contributions

It’s also worth reviewing whether your voluntary contributions are being made on a pre-tax or Roth basis. Unlike Roth IRAs, Roth 403(b) and 457(b) plans have no income restrictions, which can help you diversify your tax strategy for retirement.

Have Consulting or Self-Employment Income?

If you earned consulting or self-employment income this year, consider contributing to a SEP IRA. It can lower your taxable income while increasing retirement savings—in addition to your university’s plan contributions.

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Review Health Benefits and Insurance Coverage

Open enrollment is also the right time to revisit your health insurance coverage. If you have access to a Health Savings Account (HSA), consider increasing your contributions—it’s one of the most tax-advantaged ways to save for health care expenses.

Don’t forget to check your life insurance coverage as well. Many universities offer guaranteed group coverage regardless of medical history, which can be a cost-effective way to protect your family’s financial future.

Need Help Reviewing Your Benefits?

Choosing the right benefits can feel overwhelming, but you don’t have to go it alone. The advisors at Savant University Wealth Management can help you evaluate your options and make confident, informed decisions for the year ahead.

James M. Haygood Financial Advisor CFP®, AWMA®

James has been involved in the financial services industry since 2010. He earned a bachelor of arts degree in journalism with an emphasis on advertising and a minor in business management from the University of Wisconsin-Whitewater.