Navigating the waters of health insurance plans, flexible spending accounts (FSA), and deductibles can be confusing and present tough choices. Sure, your employer gives you a helpful booklet, the benefit options seem pretty straightforward, and you usually have a few weeks to submit your elections.

Nevertheless, here are some tips to keep in mind…

• Tip 1: Open the benefits packet, read the packet

• Tip 2: Measure your needs

• Tip 3: Explore a flexible spending account

• Tip 4: Think strategically with a health savings account

• Tip 5: Use wellness benefits

You might associate trusts with the ultrawealthy, or with young adults who don’t have to work. But trusts have benefits for a far wider swath of the socioeconomic spectrum — a swath that likely includes you.

“Not knowing how trusts work or what they’re used for, other than passing down assets to children, can keep people from setting one up,” said Michele Collins, director of advanced sales at MassMutual’s Boston office. “So can being afraid of the cost as well as being uncomfortable planning for death, which is when trust discussions often come up.”

Here’s a rundown of the most common types of trusts and their purpose.

As Mike Tyson once famously said, “Everyone has a plan till they get punched in the mouth.” The recent market volatility is a stern reminder for retirees of just how important it is to have a plan. It is also a reminder that when it comes to retirement income planning specifically, timing is everything, which is why it is important to understand what financial professionals refer to as “sequence risk” or “sequence of returns risk.”

As a business owner, you know what it means to be the boss, from managing employees, to winning new business, to paying the bills. But these aren’t the only things you’re in charge of. You’re also the boss when it comes to your personal financial plans for retirement. And if eventually selling your business (or your shares, if the business if jointly owned) is part of your retirement plan, you’ll need a good handle on what your business is worth at any given time.

It may be hard to imagine right now, but when you think about it, odds are that the business you’ve worked so hard to create will be owned by someone else in the future.

Eventually, you will either give up the helm voluntarily before or when you retire, or involuntarily as the result of an unexpected event.

Knowing the value of your business is always important, but changing economic and business factors make having a current valuation even more vital.