Take the Quiz.
Get credit towards the earning badge by taking this quiz on what you’ve learned through: go.uillinois.edu/JobWorthQuiz.
Slides for the recording can be found at go.uillinois.edu/jobworthslides.
By participating in 3 Earning Badge-eligible events, you could earn a digital badge to enhance your online professional portfolio. Learn more about the Financial Literacy Badges Program by visiting: badges.illinois.edu/usfsco.
Know What's Offered
Some of the benefits an employer might offer include:
- retirement plans
- paid time off
- savings accounts
- wellness initiatives
- and others
It's important to remember that employers are not required to offer the same types of benefits, so reviewing what your employer or potential employer offers is critical to understanding the true value of your position (or potential position).
Know How You Qualify
Some benefits may have additional requirements in order to qualify for them. For instance, many employers require you to work a certain number of years with them to receive employer match monies on retirement benefits, if offered. So, make sure to read how to qualify for each benefit the employer offers that you'd like to take advantage of.
We learned in the webinar that not all employees have access to the most popular benefits, like retirement plans, medical care and life insurance, but management & professional positions in private industry are more likely to have access to those benefits.
Understanding the types of insurance you may be offered can definitely help when making decisions about job offers & employment packages or how to best manage your financial risk through your employee benefits.
A valuable resource that can help you understand financial risk and insurances' roles in managing that can be found at University of Illinois Extension's website. You can then take this quiz to get credit towards our Protect digital badge.
Tools to Manage Out of Pocket Insurance Costs
You can use a Flexible Spending Account, through your employer, to help manage medical expenses. This allows you to use pre-tax dollars to pay out-of-pocket costs.
Health Savings Accounts may also be offered through employers. Health Savings Accounts can also be used by people who buy insurance through the Health Insurance Marketplace.
There are two main types of retirement plans:
- Defined Benefit
- Defined Contribution
DEFINED BENEFIT: Your employer is responsible for paying you a fixed amount of money each month when you retire. This amount is typically determined by the number of years you worked and your salary amount.
DEFINED CONTRIBUTION: Your employer allows you to contribute a percentage of your income to a retirement savings plan which will earn a return on the investment. Often the employer contributes too. The amount you receive in retirement depends on how well the investment performs. A couple examples of defined contribution plans include 401(k) & 403(b).
Want help planning to retire well? Sign up for University of Illinois Extension's Plan Well, Retire Well blog.
You can access the other resources we shared during the webinar here:
Keep In Contact
Keep in contact with SMMC through social media by following us on Facebook,Twitter, YouTube or Instagram as well as University of Illinois Extension and Saluki Cents. Or, you can use the hashtag #UIMoney to continue sharing your thoughts about money with other members of the University of Illinois community or #SalukiCents if you're part of the Southern Illinois University community throughout the year.