Open enrollment season is often approached as a routine HR task—skim the benefits, select what seems familiar, and move on. But for high-earning women executives, this annual window is far more than administrative. It’s a valuable opportunity to take control of your financial future, align benefit choices with your long-term goals, and enhance overall wealth strategy.
At InVestra, we believe that financial empowerment starts with being intentional about the choices that impact your life—especially during open enrollment. Here’s how to make the most of it.
- Look Beyond the Basics: Maximize Employer-Sponsored Plans
Many women executives are offered benefits that go far beyond standard health coverage. Reviewing and optimizing these options can yield long-term advantages:
- Health Savings Accounts (HSAs): Often underutilized, HSAs are triple tax-advantaged and can double as a retirement vehicle. Contributions grow tax-free, can be invested, and withdrawals for qualified health expenses are untaxed.
- Deferred Compensation Plans: If available, these allow you to delay a portion of your income—and the associated taxes—until retirement, when you may be in a lower tax bracket.
- 401(k) Plans & Matches: Make sure you’re contributing enough to receive the full employer match, and evaluate if a Roth 401(k) option aligns better with your projected future tax profile.
- Align Equity Compensation with Retirement Strategy
Stock options, RSUs, and other forms of equity compensation can dramatically increase your net worth—but they can also create complexity.
Open enrollment is an ideal time to evaluate how these equity components interact with your retirement plan. Are you overexposed to company stock? Is this the right time to exercise options for tax planning? Coordinating these decisions with your other elections, such as deferred comp or Roth contributions, can prevent missed opportunities.
- Should You Supplement with a Personal Retirement Plan?
Employer plans are powerful, but for many high-income earners, they aren’t enough.
Consider whether adding a SEP IRA or Traditional/Roth IRA makes sense based on your total compensation, contribution limits, and retirement timeline. For those with self-employment income or board positions, a SEP IRA may offer even more flexibility.
- Don’t Overlook Estate and Tax Planning Implications
Your open enrollment decisions ripple far beyond the next calendar year.
Designating beneficiaries, selecting insurance coverage, and opting into deferred income plans all have estate and tax implications. Coordinating these choices with your estate plan ensures alignment—and may help reduce future tax burdens for both you and your heirs.
Take a Holistic Approach This Enrollment Season
Open enrollment isn’t just about benefits—it’s a chance to make your employer’s resources work harder for your personal goals.
Whether it’s maximizing tax strategies, investing with purpose, or protecting your legacy, these annual choices can add up in powerful ways.
Let InVestra help you align your open enrollment elections with your overall financial roadmap.
