These are real success stories from people we’ve worked with at BrightDime. We’ve changed the names and any identifying details, but the stories are 100% true.
Pamela’s employer had just announced a new benefit called BrightDime. She had been procrastinating for months on working on her family finances and realized this was her call to action to get started so she can ensure they’re saving for retirement and the kids’ college in the most efficient way.
Pamela chats with a BrightDime coach about the best way to save for college and retirement because she has money “just sitting” in her checking account. The coach walks her through various retirement accounts and they discuss the benefits of 529 College Savings plans. The coach asks if she is contributing enough to get the full match of her employer 401(k). They review the plan requirements and discuss the tax advantages of the plan along with the difference in the pre-tax and Roth contribution options her plan offers. The coach also reinforces the value of other benefits like the Health Care Flexible Spending Account (FSA) and Health Savings Account (HSA), since she has those available with her employer, depending on which health plan she elects. Pamela has been putting a few dollars in the HSA but didn’t realize the triple tax advantage it offers.
After working with BrightDime, Pamela has a better understanding of the best ways to save (and maximize taxes!) for her family’s future goals. She immediately increased her participation in the 401(k) plan from 10% to 25% and plans to contribute more to her HSA and open a 529 for her kids.
We call that a success!