Being given the opportunity to plan out my benefits and work hours was amazing and make life so much easier. Since I’m still a full-time college student, I want to plan my work hours around that schedule and possibly work from home. Advances in technology have made it easy to transfer an office job to a job you can do from the comfort of home. Working at home would be worth looking into, if the company would allow it. Starting out at a salary of $50,000 is a great starting point. Plus you can add $12,500 (25 percent of your annual salary) in benefits. Choosing these benefits may be a difficult task, but I would be sure to pick the ones that are most beneficial to my current lifestyle.
Let’s first start with healthcare. This seems to be one of the largest and most expensive benefits we have. Plans range from $500 to $3,000, providing a whole array of different health care options. Since I am currently single and living on my own, the $3,000 option is probably not the best choice. This option would make sense if you had a few children and a spouse to take care of. The chances of someone getting sick or injured dramatically increases with that many people in a household. A $1,000 deductible seems somewhat high, and maybe is something I can’t quite afford in an emergency situation. I would avoid that option as well. Falling somewhere in the middle is the $2,000 plan. This plan offers me a $200 deductible and pays for 80 percent of my costs. This feels like the best choice given my situation. You never know when something may happen, so you want to be prepared and not leave the burden on someone else. Healthcare is one area you don’t want to neglect.
Vacation and Work Hours
Now onto the more interesting options, vacation and work hours! Vacation time costs two percent of your annual pay for each week of vacation. That comes out to $1000 per week. At this point, there is money to spare in my benefit package so I can be pretty generous. I would take five weeks of vacation totaling $5000. This would give me time to relax and spend time with family. My family usually takes a vacation, so this would give me the opportunity to go with them and spend some time together. It would also help improve my state of mind and alleviate any stress that may be built up from work. At this point, my total benefit package totals $7500 out of a maximum $12,500
Planning for the Long Haul
Being young, getting a quick start on my retirement plan would be a great idea. The company offers a 50 percent of final annual earnings plan for just $1500. All employees should go for this option as it’s something you’ll have to have if you plan to retire. The money you save for retirement is often untaxed and it is recommended that you save some. This company’s plan seems fair and would be a good investment. Even if you don’t plan to spend your entire career with this one company, your retirement savings will generally transfer to your new job. Planning for the future is always important.
The company also offers a four-day work week during the summer months. Since I still have room in my benefit package, I would most likely sign up for this option. This gives you an opportunity to get away from work and have a three-day weekend. This time off will add up and is like an extended vacation. This option costs 4 percent of your base pay, which comes to $2000. My new total benefit plan costs $11,000.