Invest now in your financial future

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When it comes to your future financial wellness, are you making the most of today?

It’s never too soon to start saving for your future, and it’s never too late to learn how to make smart financial decisions. Studies show that financial literacy is essential to thriving, but many of us struggle to make the right financial decisions.

This gap in financial literacy and learning how to personally budget can be closed by taking advantage of Honeywell’s financial benefits. Honeywell believes in investing in you and your future.

Take advantage of your Health Savings Account

Honeywell wants our Futureshapers to make the most of your hard-earned paycheck. For those enrolled in Honeywell’s Medical Plan, opening a Health Savings Account (HSA) gives you access to a triple-tax advantaged savings and spendings account that allows you to set aside pre-tax dollars to help cover medical and other health care expenses. An HSA helps you lower your taxes, makes it easier to budget, and save for retirement. Some benefits of enrolling in an HSA include:

  • You and Honeywell can both contribute. When you enroll, you decide how much is taken out of your paycheck on a pre-tax basis. The IRS allows you to contribute up to $3,850 for single coverage and $7,750 for family coverage. Note: these limits include contributions made by Honeywell, such as the $500 for those who are eligible and participated in the Quality Cancer Care program.
  • You can pay current health care expenses. Your HSA is there for you when you need to pay for eligible out-of-pocket health costs such as deductibles and coinsurance. Some prescription drugs and over-the-counter medications are also eligible. Withdrawals for these eligible health costs are also not taxed.
  • Your balance rolls over. Once you have an HSA, the account belongs solely to you. If you decide not to use your funds and want it to grow for later use, such as paying for medical needs in retirement, you can do so. Your HSA stays with you even after you leave Honeywell.
  • You can invest it. When your HSA reaches $1,000, you can begin investing any amount over that limit. This provides another way to grow your savings – and again, you are not taxed on your earnings.

An HSA is a wonderful opportunity to start saving now so you can take care of yourself in the future. Learn more about how to enroll in an HSA and other spending accounts Honeywell offers you.

Prepare for retirement

It’s essential to plan now for your financial security later. And with the Honeywell 401(k) plan, saving for your future is easier than ever. Along with your own pretax, Roth 401(k), or after-tax contributions, Honeywell adds a match to help your retirement be relaxing and secure.

Here's how you can make the most of the opportunity:

  • Increase your 401(k) contribution to at least 8% to make sure you’re getting the full match from Honeywell, so you don’t leave free money on the table. Remember – the more you contribute, the more Honeywell contributes. Update your contribution online or call Fidelity at HR Help at (877) 258-3699, option 1.
  • Watch this video to learn more about Honeywell’s’ 401(k) savings plan.
  • Take advantage of many resources offered by Fidelity and earn points with Castlight to enter our quarterly sweepstakes.

Learn how your HSA and 401(k) Plan work together

Honeywell will offer three webinars this month. Register here.

  • September 19 at 2:00 pm ET
  • September 21 at 12:00 pm ET
  • September 27 at 4:00 pm ET

Honeywell’s benefits and offerings never lose sight of the future. Prepare for yours today.