Increasing the amount you regularly contribute to your company's retirement plan, even by a small amount, has the potential to make a significant difference over time without putting too much of a dent in your day-to-day finances.
Consider the following example: Maribel is 40 years old and earns $40,000 a year. Currently, she contributes 3% of her annual salary to her company-sponsored retirement plan and has $30,000 saved. If she stays on this path, she will accumulate $196,714 by the time she turns 65. Look at how much the value of her savings will grow if she increases her contribution rate by one, two or three percentage points.
Of course, you should always take full advantage of any employer match to help boost your savings even more. To learn more about saving for retirement, contact your local Mutual of America representative today.
This hypothetical example is for illustrative purposes only and does not represent any actual investment performance, price or yield. This illustration assumes a beginning balance of $30,000 and assumes no increase in earnings and has an annual rate of return of 6%. Investment returns are not guaranteed, and your actual return may vary significantly from that shown.
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.