Two elections that are hard to undo, and where a firm lists its minimum

Most of the money forms that matter arrive on somebody else’s calendar. Your employer picks the enrollment window, it closes on a date you didn’t choose, and what you check on the form tends to stay that way for a year.

That’s worth knowing in October, because two of the bigger elections many high earners make each year land right now: benefits enrollment and, at larger employers, the deferred compensation election for next year. Both ask you to decide something today about a year you haven’t lived yet. The useful question before you sign isn’t which box looks best. It’s what this locks in, and how much of it is already riding on the same employer.

Markets this week

For the trading week ending Friday, October 9, 2026:

• S&P 500: closed at 7,811.54, up 88.82 points (1.2%) for the week
• Dow Jones Industrial Average: closed at 51,654.95, up 477.99 points (0.9%) for the week
• Nasdaq Composite: closed at 27,366.17, up 175.31 points (0.6%) for the week

Closing levels from the Associated Press for October 2, 2026 and October 9, 2026.

Deferred comp elections lock early

If your employer offers a non-qualified deferred compensation plan, the election for next year is generally made before that year starts, and it also sets when and how the money pays out (IRS Publication 5528, revised March 2024). A plan or election that fails Section 409A makes the deferred amount taxable, plus a 20 percent additional income tax (same publication). The balance is also an unsecured promise from your employer, not an account held for you in trust. Whether deferring makes sense depends on your plan and on how much of your balance sheet already depends on the same company.

What to settle before the election form is due

California and your HSA

California never adopted the federal HSA rules (IRC Section 223), so your contribution gets no California deduction. The federal 2026 limits are $4,400 for self-only coverage and $8,750 for family coverage (IRS Revenue Procedure 2025-19). On the California return, the Franchise Tax Board’s Schedule CA (540) instructions add the federal deduction back and tax the account’s interest and earnings in the year they’re earned. That doesn’t make a high deductible plan the wrong choice. It’s one input next to premiums and what you expect to spend on care.

The line-by-line treatment, and what to confirm before you enroll

A question that came up this week

Searches this week asked, in so many words: How much money do you need before a wealth manager will take you on?

There isn’t an industry number. Each firm sets its own minimum, so the same balance can clear the bar at one firm and miss it at another. The useful part is that registered advisers have to write their requirements down. Item 7 of Form ADV Part 2A asks a firm to disclose any requirements for opening or maintaining an account, such as a minimum account size (SEC, Form ADV Part 2A instructions). You can find a firm’s brochure at adviserinfo.sec.gov. Then ask two things: whether the minimum is firm policy or a starting point, and what level of service you’d get below it. The right answer depends on individual circumstances.

What firms typically ask for, and how to think about whether you’re ready

Worth a look this month

If you’re a W-2 employee, withholding is the easiest lever still open for 2026. The IRS says wage earners can ask their employer to withhold more by filing a new Form W-4, and its Tax Withholding Estimator helps you check the amount (IRS, Estimated taxes, page reviewed September 25, 2026). A change made now applies to the paychecks left in the year. Whether any change is needed depends on your situation, including bonus or RSU income.