Life stages: Starting out

Personal Finances

• Build a budget. Knowing where your money goes can help you spend wisely and save consistently. Get started by logging into your online account experience to build your budget. 
• Build an emergency fund. Life is full of surprises. Shield yourself from the unexpected by building an emergency fund to cover three-to-six months of expenses. To help save time, consider automated saving options.
• Get out of debt. Imagine what it will be like when you don’t owe anyone anything. Along with saving for your emergency fund, if you have any personal debt, credit card debt or student loans consider committing to paying it down.
  • If you have lingering student loans, explore repayment program options. Check with your employer to see if they offer student loan debt solution help.

Saving for retirement

• Save for retirement. Consistently saving as much as you can for retirement now may pay off later. Here are a few ways to start saving for retirement. Systematic investing does not ensure a profit nor guarantee against loss. Investors should consider their financial ability to continue their purchases through periods of low price levels.
  • Contribute to your employer-sponsored retirement plan or open an IRA.
  • If your employer offers matching contributions, take advantage of them.
  • Consider a Roth IRA or Roth contributions to your employer’s retirement plan for a more flexible way to save for retirement.
  • Stay on track with automated savings options.

Voluntary health benefits 

• Sign up for health insurance. If you have a high-deductible health plan, consider opening a Health Savings Account (HSA). Contributing to a Health Savings Account (HSA) through payroll deduction offers tax advantages and the potential to increase your healthcare savings. Money you put in an HSA can be used to pay eligible medical expenses now and into retirement. You may also be able to invest a portion of your HSA funds once you reach a designated threshold.
• Look into other insurance. Your employer may offer other types of insurance such as short-term disability and disability income insurance. Learn about the various types of protection that you may need.
• Review other types of coverage. While these are all separate benefits, the choices you make today with your benefits, may have an impact on the future if you don't choose the optimal coverage for your needs. Consider such coverages as supplemental health Insurance, which pays benefits for specifically covered events, or other health savings options such as a Flexible Spending Account.
  • Flexible Spending Account (FSA). There are three different types of FSAs that each have their own purpose. allows you to set aside money each month to help pay for eligible health or dependent care expenses insurance doesn’t cover.
  • Critical illness insurance. This type of protection can help you cover expenses if you're diagnosed with a covered illness such as a stroke or heart attack. Whether you need help with medical costs, bills or even groceries, critical illness insurance can can minimize financial impact so you can focus on your health.
  • Accident insurance. This type of optional coverage (known as “supplemental health insurance”) that pays benefits for specific injuries or treatment after a covered accident such as breaking your leg or getting a concussion. Accident insurance doesn’t replace your health insurance but rather it complements it.
• Planning on taking leave from your job? Do you need to take time away from work to care for a loved one or for a medical condition? You may be eligible for Family and Medical Leave Act (FMLA) leave. Here’s a checklist to help you prepare for your leave.

Other protection

• Review and update your beneficiaries once a year to ensure they are updated if the unexpected happens.

Critical Illness and Accident Insurance are limited benefit policies. They are not health insurance and do not meet the requirement of minimum essential coverage under the Affordable Care Act.

• What else? Do you have other financial goals that you would like to accomplish? Make a list, and put a plan into action to achieve them.
• Extra money? If you have extra money after fulfilling your other financial priorities, consider increasing your contributions towards your retirement.
• Use myOrangeMoney® to see how saving a little extra today can help you do more of what you want tomorrow.
• Are you feeling overwhelmed? We understand that all of this can be overwhelming when you’re just starting out in your career. Consider working with a financial professional who can help you feel more confident about your financial future.

Log in to your online retirement experience where you can:

• Add outside accounts.
• Get a full financial picture.
• Create your budget.
• Access insights to see where you can reduce your spending.
• Participate in the emergency savings life event, where you set up your goals and create a plan to get there.
• Check in on your retirement savings and use myOrangeMoney to see if you have any potential gaps. If so, you may want to consider increasing your contributions to your retirement savings.

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