According to most experts, it's a tricky balance of preparation and innovation. Federal law does not require FMLA leave to be paid, but the Society for Human Resource Management's 2013 Employee Benefits Survey found that 21 percent of organizations did offer paid family leave. Bruce Elliott, manager of compensation and benefits at SHRM, points out that this means in some states employees can take time off to care for an aunt or other relative that may not be covered under federal law. Energize Your Career and Life by Taking a Break, suggest creating a new account or slush fund that is dedicated solely for your time off. Again and again, experts cautioned against using retirement savings, because the penalties and tax consequences rarely make it worth it. Make sure to factor in the costs for continuing your health insurance into your budget as well. Some employers offer flexible spending accounts, which allow employees to put cash aside pre-tax to help cover medical costs. This may help ease some of the sting from expenses either during your leave or upon your return. [...] if your living situation has dramatically changed, such as the addition of another dependent or major disability, you may want to speak to a tax professional about what expenses you can deduct on your taxes in the future.
Reported by SeattlePI.com 10 hours ago.
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