Monday, November 27, 2006

In under the wire for my FSA

So the closing date for re-enrolling in the flexible savings account at my workplace was November 17th. For some reason, I had it in my head that I would wait and see whether I got this job and then decide what to do about the FSA - which in retrospect was dumb because I'd still be working there anyway. So of course I completely spaced and didn't actually do it once I got confirmation that I got the job on the 16th, and then was bummed.

Then, a miracle occurred! I got an email on the 20th saying that they had extended the enrollment period through that day because of a computer glitch that caused people to not be able to complete it on Friday! Oh, happy day! I signed back up for a $400 deduction (more than last year, but I want new glasses, and I can afford them!) and now everything is good.

I'm still getting used to the idea of how much they're going to pay me. Since I don't really know how much it will be after taxes, I'm going to wait until I get the first larger paycheck to mess with the percentages. (My pay is direct deposited into the various accounts by percentages, not by amounts, which can be annoying.) Right now my setup is something like 5% to ING, 5% to Bank of America, 52% to my spending account, and the rest to the Key account which is for bills and debt payment. So I think I will not bother to mess with the percentages right now, and see how it plays out. I am going to be seriously raising my pretax contributions to the 403(b), and putting in $400 in January and then $300 every other month to the Roth, so after all the retirement money and money to savings I will probably not see too much of an actual raise.

5 comments:

Ms. MiniDucky said...

How awesome to substantially increase your retirement and regular savings without having to sacrifice your regular cashflow!

HC said...

I'm looking at the same thing. I've already upped my 401k-ish plan to 10% in preparation for my raise. After I see the net numbers, I'm thinking both my VirtualBank and Emigrant accounts will go up to 4%, and I'll probably boost my credit union savings as well.

Also, your HR department might be able to point you to a withholding formula that would help you estimate take-home pay.

And since I don't think I was around when you made the announcement, a hearty congratulations on the new job!

SF Money Musings said...

The same thing happened to me at work! A computer glitch on the last signup day occured so the company extended the FSA signup a few more days.

I was so unbelievably thrilled and excited at a second chance. Saved by a computer glitch. hehe.

3 Things About Money said...

Saved by the glitch! Love that you are able to slug away some retirement savings.

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