Maximize Your Money With These Tips

How to make the most of your 401(K) and Health Savings Account (HSA)

You’ve got two great savings options that could be built right into your paycheck – a 401(k) and a health savings account (HSA). Both give you the opportunity to set aside a lot of money every year.

With a little customization, you can make the most of it. When possible, aim to max out your contributions to both accounts. Let’s explore your options:

401(k): For GE Appliances (GEA) employees, this workplace retirement plan is called My Savings Plan and is administered by Fidelity. GEA matches contributions up to 100% of the first 3% of your pay that you contribute (i.e. if you invest 3%, the company gives you 3%) and 50% of the next 2% of your pay that you contribute (i.e. if you invest an additional 2%, the company gives you 1%) for a maximum match of 4% up to IRS limits. So ideally, you would invest 5% of your pay to get the full company match of 4%, for a total savings of 9%.

Health Savings Account (HSA): If you are enrolled in an HSA-eligible health plan, you are eligible to open a health savings account. It is important to set aside at least enough to cover this year’s medical expenses in your HSA.You can customize your HSA at any time. Visit Click on the Health Savings Account tile. Once on your Alight Smart-Choice homepage, click on the menu icon (three lines) in the upper left-hand corner to find the Learn About tab. Learn About has a resource library for all-things HSA including an investment guide and common FAQs.

Want to learn more? Fidelity has a great resource on how to maximize your savings in both accounts.

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