Time to Review
[This article was archived on 2/15/2018.]
As the year draws to a close, it's a good time to review your retirement savings and account information. Of course, it's important to make regular contributions and take full advantage of an employer match, if available. Here are some other things to consider as you save towards a more secure financial future:
Increase contributions and make "catch-up" contributions, if eligible
If you're not "maxing out" your contributions, you should consider increasing them. You also may be able to boost your retirement savings "catch-up" contributions if you're age 50 or older. Assuming your employer permits them, catch-up contributions enable you to defer additional amounts above and beyond the annual contribution limit for your plan. Please visit the Contribution Limits page for current plan maximums and limits.
Review your asset allocation
As the years go by, your financial needs and your tolerance for risk may change. That's why it's important to periodically review your asset allocation (the mix of equity, fixed income and money market funds) to confirm if the allocation you have previously chosen is still right for you. By periodically checking your portfolio, you can help ensure that your investments reflect your long-term goals.
Connect with your Mutual of America representative
Mutual of America's Participant Account Representatives (PARs) are available to answer questions about allocation changes and beneficiary designations. They can address questions about your retirement plan and help you assess your retirement readiness as you prepare for a more financially secure retirement. To speak to your PAR by phone or meet in person, contact your local Mutual of America Regional Office today.
Visit My Account at mutualofamerica.com
Through My Account, you can review your account information, make transfer and allocation changes, and download a Beneficiary Designation Form. You can also request information about our IRA or FPA products, which are variable annuity contracts, through which you can accumulate additional savings for retirement.
Confirm/update your beneficiary designations
It's important for you to designate at least one beneficiary for each retirement plan you contribute to or life insurance policy you have – and to keep those beneficiary designations up to date.
Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses. Please read the contract prospectus or brochure and underlying fund prospectuses and summary prospectuses carefully before investing. The contract prospectus or brochure and underlying fund prospectuses and summary prospectuses can be obtained by mail or by calling .
Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment funds you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should carefully consider a variable annuity contract's other features before making a decision.