4 Ways to Make the Most of Benefits During Open Enrollment

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published 5 November 2025

The choices you make during open enrollment season can have a real impact on your financial well-being throughout the rest of the year.

Whether you're looking to build savings, enhance your current financial strategy or plan for a major life event, this can be a valuable time to assess where you are financially and make sure your workplace benefits are working for you.

During open enrollment, it's important to have a clear strategy that considers your overall financial goals, your current budget and whether you want something different from your benefits this year.

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This simple guide can help you make more informed decisions and tie your workplace benefits into plan s for your future.

1. Understand your benefits and create a strategy

The key is to consider your individual circumstances and financial goals and then use workplace benefits to help you get where you want to go.

Think of those benefits as a crucial part of your overall compensation, with the mindset that every penny's worth and every choice you make about how to use your benefits matters.

Benefits can add up significantly, as typical packages often include health insurance, retirement plans and life insurance, all of which can make a real difference to your overall financial health.

Start by reviewing how you used your benefits last year and identify any gaps or areas for improvement. What worked for you and what didn't?

Assess your current situation and decide how much of your income you can allocate towards different benefits.

For example, if your employer offers a retirement plan, such as a 401(k), consider enrolling and look for ways to increase your monthly savings contributions.

Your workplace may also offer financial perks or resources that can help you create more space in your budget or build investments, such as discount programs, emergency savings account matches or employee stock purchase programs.

There may be opportunities to save through emergency backup care for dependents, education benefits and financial wellness programs, which can potentially help relieve burdens.

Many benefits plans also provide access to financial guidance, whether through self-guided education or professional advisers and coaches who can offer personalized insights.

Tap into every available resource to help you understand your benefits plan and your current financial situation.

2. Consider how benefits can help with financial planning

Setting both short- and long-term financial goals can offer a clearer perspective as you consider how your workplace benefits elections affect your finances.

First, map out where your money is going: Check account balances, income sources, debt payments, credit cards and bills.

Use online tools, such as debt calculators, retirement calculators and budgeting apps, which can help you track your monthly income and expenses.

Next, identify your goals and create a timeline for achieving them. Are you planning to buy a home in the next five years? Start a family? Save for college education? What age would you ideally like to retire, and what type of retirement lifestyle do you picture?

Getting specific can help you approach benefits enrollment from a more practical perspective with real outcomes in mind.

It may not seem obvious at first, but the way you use the various tools and resources available in your benefits suite can help you move toward the financial outcomes you desire.

It may also be worth working with a financial professional to create a formal financial plan that includes your workplace benefits as part of your strategy to help you reach your goals.

3. Look into equity and nonqualified deferred compensation

Many employers also offer equity compensation or nonqualified deferred compensation (NQDC) plans, which can be complex but powerful resources.

If you qualify for these types of financial benefits, make sure to avail yourself of all the information and educational materials provided through your workplace to fully understand the details of your specific program.

Equity compensation can include stock options, restricted stock units (RSUs) or employee stock purchase plans (ESPPs), which can provide significant financial benefits if managed wisely.

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NQDC plans can allow you to defer a portion of your income to a future date, potentially reducing your current tax liability and providing additional retirement savings.

These benefits all come with different structures, requirements, considerations and timelines — not to mention regulations and company policies to navigate.

Take the time to learn about your plan specifics and consider speaking with financial and tax professionals to help you understand how exercising these benefits may help you pursue your personal goals.

4. Make the most of educational resources

Whatever benefits your employer provides, you don't have to navigate the open enrollment process alone. Your employer likely offers training webinars, events and access to financial guidance as part of its benefits promotions.

Whether you're early in your career or an experienced professional, it's worth taking advantage of these resources so you don't miss out on any helpful information or new opportunities.

Talk to your employer about any personalized guidance you may need. Many companies offer access to financial coaches or advis e rs through financial wellness or retirement plans.

These professionals can help you tailor your benefits elections and navigate your financial life through enrollment season and beyond.

Take benefits enrollment as an opportunity to make the most of as many workplace resources as possible.

This article has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security/instrument or to participate in any trading strategy. The securities/instruments discussed in this material may not be in the best interest of, or otherwise consistent with the applicable standard of care for all investors. The appropriateness of a particular investment or strategy will depend on an investor's individual circumstances and objectives. Morgan Stanley Wealth Management, Financial Advisors, Private Wealth Advisors do not render advice on legal or tax and tax accounting matters to clients. Clients should always consult their own legal or tax advisor for information concerning their individual situation. It is important that Financial Advisors and Private Wealth Advisors adhere to all Morgan Stanley Wealth Management solicitation policies and procedures.

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Tax laws are complex and subject to change. Morgan Stanley and its affiliates, employees and agents do not provide tax or legal advice. Employers (and other service recipients) should consult their own tax and legal advisors before establishing a nonqualified deferred compensation plan, and regarding any potential legal, tax and other consequences of any investments or other transactions made with respect to a nonqualified deferred compensation plan. Eligible employees (and other eligible service providers) should consult their own tax and legal advisors before deciding to participate in, or making any elections with respect to, a nonqualified deferred compensation plan.

Nonqualified deferred compensation plans established by private sector employers are generally designed to comply with an exemption under ERISA, which exempts such plans from most (or potentially all) of ERISA's requirements for employee benefit plans. Failure to comply with an available exemption under ERISA will generally cause the plan to be subject to potentially onerous ERISA requirements and may result in adverse consequences if those ERISA requirements are not met.

Nonqualified deferred compensation plans are generally subject to section 409A of the Internal Revenue Code, along with other federal tax rules, which impose specific requirements on such plans (including, but not limited to, specific requirements concerning deferral elections and the time and form of distributions under the plan). Failure to satisfy these requirements can result in significant adverse consequences, including (but not limited to) inclusion in the employee's taxable income of all vested compensation deferred under the plan, plus interest and a 20% penalty tax.

This material does not reflect the impact of state and local income taxes. The state and local income tax treatment of a nonqualified deferred compensation plan may differ from the federal tax treatment. You should consult with and rely on your own independent tax advisor.

Nonqualified deferred compensation plan recordkeeping services are part of Morgan Stanley at Work solutions and are offered by E*TRADE Financial Corporate Services, Inc. CRC# 4850163 (09/2025)

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Craig Rubino is Head of Corporate Relationship Management and Engagement for Morgan Stanley at Work. In his role, Craig leads the US Public and Global Private relationship management, learning and participant insights teams that serve workplace benefit plan relationships. Prior to this position, Craig led the communication, education and industry events teams for E*TRADE Corporate Services’ workplace group.