Updated 10/25/2026 · 5-minute checklist · Every number links to an IRS or Treasury page below.
Open enrollment is happening now at many jobs
It is often between October and December. It is the one time each year to:
- pick a health plan that lets you have an HSA (switch 3), and
- sign up for a Dependent Care FSA (switch 4).
When it closes, you wait a year, unless you have a life event like a new baby. Ask HR today: “What is the last day of open enrollment?” Switches 1 and 2 do not wait. You can do them today.
How the system works
Your job and the government pay families who turn on 5 switches. The switches start OFF. Nobody turns them on for you. Most people never hear about them.
What one family gets
$1,000 one time + $5,787 a year
Example family: $75,000 salary, one child in daycare, family health plan, Texas. The same family as on our homepage.
What to do
Start with switch 1. It takes about 10 minutes on your phone. Then send this page to one coworker.
Trump Account: claim it, then elect the $1,000
$1,000 per child, one time$250 for many kids born 2016–2024What it is
A new government savings account for children under 18 who have a Social Security number. Since 10/1/2026 the U.S. Treasury opens it on its own. The money inside does not arrive on its own.
What you lose if you skip it
$1,000 per child born 2025 through 2028. A parent must press one button (the Form 4547 election) or the $1,000 never comes. Kids born 2016 through 2024 in many ZIP codes already have $250 from the Dell family; you only see it after you claim the account. Left alone for 18 years at 7%, $1,000 is about $3,380 (an illustration, not a promise).
Do this now
- Get the official Trump Accounts app: App Store (iPhone) or Google Play (Android). On a computer, use trumpaccount.com. These are the links the IRS lists. It is free.
- In the app, prove you are the parent. Have ready: your Social Security number or ITIN, your child’s legal name exactly as on their Social Security card, your child’s Social Security number and date of birth. Then claim and activate the account.
- Child born 2025 through 2028? In the app, find the $1,000 election (Form 4547) and select it. Done. One election per child.
Where to click
This one is not in your work benefits. It is the app. Stuck? Call 866-872-4547 (the number on IRS.gov). One question for HR: “Does the company put money into employees’ Trump Accounts?” An employer can add up to $2,500 a year, not taxed to you.
401(k) match: collect the full match
$1,125 a year, example familyWhat it is
Your company adds money to your retirement account, but only when you put in enough first. Example formula: the company adds 50 cents for each dollar you put in, up to 6% of your pay.
What you lose if you skip it
At $75,000 pay, putting in 3% instead of 6% leaves $1,125 a year with the company. Over 20 years at 7%, about $46,000. Your take-home pay drops by only about $78 for every $100 you put in, because the money goes in before income tax.
Do this now
- Find your plan’s match formula. Ask HR, or read the plan summary (“Summary Plan Description”).
- Set your contribution to the percent that collects the full match. Choose a percent, not a dollar amount, so raises move it up for you.
- Turn on “auto increase” (for example +1% a year) if your plan has it. Never picked an investment? A target-date fund near your retirement year is the common default.
Where to click
Usually: ADP → Myself → Benefits → Retirement (some ADP plans use mykplan.com). Workday → Menu → Benefits → Change Benefits → Retirement Savings. Fidelity NetBenefits, Empower, Vanguard, Principal → Contributions. HR question: “What percent do I need to put in to get the full match?”
HSA: fill it through payroll
$2,164 a year, example familyWhat it is
A Health Savings Account. You can have one only with a high-deductible health plan (HDHP). Money goes in from your paycheck before tax and comes out tax-free for medical costs. It is yours forever, even if you change jobs.
What you lose if you skip it
Every $1,000 you put in through payroll saves about $297 of tax (22% bracket plus 7.65% payroll tax, Texas). The example family leaves $7,300 of its 2027 room empty: $2,164 a year lost. 2027 limits: $4,500 single, $9,000 family. Company deposits count inside the limit.
Do this now
- In open enrollment, check if your company offers an HDHP with an HSA, and how much the company puts in.
- Set a per-paycheck HSA amount you can keep all year. The full 2027 family limit is $9,000 ÷ 26 paychecks = about $346 a paycheck.
- Keep medical receipts in one folder. You can pay yourself back from the HSA later, even years later.
Where to click
Usually: ADP → Myself → Benefits → Enrollments (pick the HDHP, then set the HSA amount). Workday → Benefits → Change Benefits → Open Enrollment or a life event. HR question: “How much does the company put in my HSA, and can I change my amount during the year?” Most plans let you change the HSA payroll amount any month.
Dependent Care FSA: pay daycare before tax
$1,174 a year, example familyWhat it is
A Dependent Care FSA lets you pay daycare, preschool, after-school care or summer day camp with money that skips income tax and payroll tax. Up to $7,500 a year per household in 2026 and 2027. The child must be under 13.
What you lose if you skip it
Skip it and you pay the daycare with taxed money. The example family keeps $1,174 a year more with the FSA than with the childcare tax credit alone. The door opens only in open enrollment or after a life event (new baby, daycare starts). Miss the window and it stays shut for a year.
Do this now
- Add up what you will pay for care next year: daycare, after-school, summer day camp.
- In open enrollment, elect that amount, up to $7,500. Elect only what you are sure to spend. Money you do not use is lost.
- Get your daycare’s tax ID number once. Send claims as receipts come in, or ask the FSA company for “recurring claims” so one form covers the year.
Where to click
Same screen as your health benefits: ADP → Myself → Benefits → Enrollments → “Dependent Care FSA”. Workday → Benefits → Change Benefits → “Dependent Care FSA”. HR question: “When is open enrollment, and what is the last day to use the money?” Two or more kids in care and a lower income? The tax credit can win. Run both in the Autopilot.
ESPP: buy company stock 15% cheaper
$1,324 a year, example familyWhat it is
An Employee Stock Purchase Plan. Your company sells you its own stock at a discount, usually 15%, with money taken from your paycheck. Not every company has one. Many large public companies do.
What you lose if you skip it
A 15% discount on $7,500 of stock a year is $1,324 of extra money. You can sell the shares as soon as you get them and keep the difference; the discount is taxed as income. The risk: if you hold the shares and the price drops, the discount can disappear. Your paycheck money also sits with the plan for a few months before the purchase.
Do this now
- Ask HR if the company has an ESPP, what the discount is, and when the next enrollment window opens (usually 2 a year).
- Enroll with a percent of pay you can live without for the purchase period (3 to 6 months).
- Decide your plan before the first purchase: sell right away, or hold on purpose. Keep Form 3922 for your taxes.
Where to click
Usually not in the benefits portal. It is a separate stock site: Fidelity NetBenefits, E*TRADE / Morgan Stanley at Work, Computershare, or Schwab. HR question: “Do we have an ESPP, and when can I join?”
Extra: bonuses banks pay new customers
Separate from the 5 switches, and not part of the $5,787. Banks pay you to open an account. Only use a credit card if you pay it in full every month.
This section has referral links. PFS may earn a commission if you use them, at no extra cost to you.
- Chase Freedom cards (referral link)Freedom Flex: $250 bonus. Freedom Unlimited: $200 bonus. Each after $500 of purchases in the first 3 months. No annual fee. Checked 10/26/2026.
- Chase checking account (referral link)Bonus for new checking customers. Details on the Chase page.
- Brokerage account (referral link)For your Trump Account add-ons and your own investing.
- High-yield savings account (referral link)Your emergency fund earning 3% or more instead of 0.01%. See the math in our savings calculator.
Get this checklist by email
One email now with the 5 switches and the one-page PDF, then one more when the IRS announces the 2027 numbers. No spam. Unsubscribe any time.
Sources
- IRS: Trump Accounts (claim in the app, $1,000 election by Form 4547, 866-872-4547)
- IRS: Trump Accounts FAQ · Instructions for Form 4547 · trumpaccounts.gov
- Invest America: the Dell $250
- IRS Topic 424: 401(k) plans · IRS: vesting
- IRS Publication 969: HSAs · 2027 HSA limits (IRS Rev. Proc. 2026-24)
- IRS Publication 503: child and dependent care expenses · 26 U.S.C. § 129 (dependent care assistance, $7,500 limit)
- IRS Topic 427: stock options and ESPPs · IRS Form 3922
This is education, not tax, legal or financial advice. Check your plan documents or a tax professional for your situation. Example figures use a $75,000 salary, one child in daycare, a family HDHP, a 15% ESPP and Texas (no state income tax); your numbers will differ.