Episode 45 - Financial Planning for 2024: HSA, 401(k), and Retirement Realignment with Centario Grier

In this episode of the Realign Your Life Podcast, host Vivian Smith Richardson is joined by Centario Grier from J&G Legacy Financial to discuss essential financial planning strategies for 2024. The conversation centers around maximizing benefits like Health Savings Accounts (HSA) and 401(k) plans, as well as tackling retirement realignment. Grier underscores the importance of open enrollment and how to evaluate and select employer-provided benefits based on individual circumstances effectively.

The episode explores the strategic use of HSAs as a dual-purpose savings tool for medical expenses and retirement funds, underscoring the advantages of tax-free contributions and investment potential. Additionally, Grier delves into the intricacies of 401(k) plans and the critical consideration of matching contributions, diversifying investment options, and making impactful decisions when exceeding contribution limits.

The episode also sheds light on the evolving landscape of retirement planning, addressing concerns about the sustainability of Social Security and advocating for proactive, comprehensive financial planning. Throughout the episode, listeners are encouraged to take action in their financial future, assess their current financial status, and converse with experts to realign and optimize their financial trajectory for 2024 and beyond.

The episode wraps up with Grier offering guidance on choosing benefits and access to J&G Legacy Financial's resources for financial consultations and planning.

 

Key Moments:

05:26 Emphasizing the importance of open enrollment for financial planning.

07:58 Importance of evaluating health insurance during open enrollment.

13:49 FSA vs HSA: Key differences and considerations.

16:45 401(k) explained: contributions, investment options, risk-reward balance.

19:33 Switch 401(k) plan when changing jobs.

22:43 Consider Roth 401(k) for tax advantage.

27:38 10,000 people per day turning 65.

29:40 Evaluate lifestyle expenses, plan for retirement needs.

34:37 Plan for future expenses, assess retirement finances.

37:26 Advice for successful retirement and financial planning.

40:28 Seek recommendations from real estate, legal professionals.

51:31 Prepare for 2024 goals: insurance and conversations.

 

About the Guest: 

Centario Grier is a financial consultant who understands the importance of open enrollment and maximizing workplace benefits. He believes that for many people, their benefit package at work is where their financial planning begins, as it impacts taxes, retirement accounts, health insurance, disability insurance, and life insurance. Centario encourages his clients to seek out resources to help them understand and make the most of their benefits, regardless of their income or life stage. He is passionate about helping individuals build a solid financial foundation through wise benefit choices.

 

About Vivian: 

Vivian’s lifetime desire has been to impact the lives of both women and men. As a critical thought leader and strategic thinker, her passion is to help women and men develop their best quality and place in life. Knowing that regardless of what season of life they are in – they are valued. As a community builder and masterful networker, she values and welcomes every person she encounters. Through her interactions with various cultures and backgrounds, the realization that there needed to be a platform for them to express and share their concerns, shame, disappointments, desires, and experiences in a safe, non-threatening environment without judgment led her to establish Vivian Richardson Resources and the non-profit God’s Kind of Woman, where women are empowered to know they are Powerful – Prepared – and –Purposeful! You can visit https://realignwithvivian.com/ for more.