In this Instablog, Russell comes to you not from the streets of NYC but from his home where he is recovering from ACL surgery, which has brought to mind a very important topic: Open enrollment and disability insurance. Russell shares his thoughts on the importance of disability insurance and why you need to have it.
Topics Discussed:
Open enrollment period
Disability benefits
Taxes on disability benefits
Transcript:
Hello, everybody, Russell Rivera, founder and president of Voice Wealth Management, and welcome back to our instablog series. Today we're not walking and talking around the streets of New York City, we're coming to you from my bedroom. Well, why is that? Because I'm here following my second ACL surgery of my life.
So what's the topic today? Well, the topic is it's coming into fall, which means open enrollment, as well as thinking about the benefits you might be able to get, particularly disability benefits, which clearly me laid up has to think about. So as you're going through your benefit elections, if you're working for a company that has them, thinking about what might happen, if you're not able to work for some period of time - I certainly haven't been able to be at my best 100% Over the last couple of weeks - you know, is really important to do. And if you need to talk to somebody, whether it's a benefits broker, somebody at your workplace, or somebody completely independent. Understanding your, what you have, in terms of disability benefits is really important and the taxation there have. So please figure out exactly what your benefits are.
And if you're not eligible, and you're not part of or don't have a benefits package through your employer, please give someone a call who can think about helping you make a disability benefits or a disability insurance election for 2023 and beyond. It's probably the least looked after aspect of someone's risk protection package. We all know about having life insurance and health insurance. But what happens if we can't work but we're alive? So that is something certainly everyone should look into. With that. Thank you for watching. I'm Russell Rivera, and I'll see you when I'm up and around. See you next time.
Russell D. Rivera, CFA, CFP® is the Founder and President of Voice Wealth Management (Voice) in New York, NY. He also likes to think of himself as a Personal CFO and Financial “Therapist” for entrepreneurs, young professionals, and their families. He helps clients make prudent financial decisions regarding spending, saving, investing, and planning while giving a voice to the individual client's financial priorities and experiences.