Here are 10 tips to consider as you build your retirement savings and plan for a financially secure future.
Joining a gym and going on a diet after the holidays are popular New Year's resolutions. The start of a new year is also a great opportunity to see where you are with your retirement savings and goals. During 2019, regardless of your age, make sure you resolve to take action to ensure you're on the right path to get into sound financial shape for your future. Get Down to Basics Learning basic investment concepts can strengthen your knowledge base and help give you confidence to make sound choices for your future. Get a better understanding of financial terms such as risk tolerance, time horizon, asset allocation and diversification. Know Your Investment Strategy Many experts believe that long-term investment success is more a function of how assets are allocated among asset classes rather than the individual securities in which they are invested. Our Investment Questionnaire is designed to help you create a balanced portfolio of investments.1 Enroll in a Plan If your company offers an employer-sponsored retirement plan, such as a 401(k) or 403(b), sign up today. The sooner you do so and start contributing, the better your chances may be of meeting your long-term savings goals. Make Regular Contributions Contribute regularly to your retirement plan. In 2019, the maximum amount you can contribute to certain employer-sponsored retirement plans is $19,000 (if you're 50 or older, you may be able to contribute up to $25,000).2,3 Boost Your Savings with a Match Take full advantage of any employer match if your retirement plan offers one. This means that the employer will match a certain percentage of your contributions, up to a specific level of your salary. That's like getting a raise just for saving for retirement! Pick Up the Pace When possible, increase your contributions to your company's retirement plan. Even a one-, two- or three-percentage-point increase can have a significant impact on your savings over time, without putting too much of a dent in your day-to-day finances. Catch Up If you're 50 or older and eligible, you can boost your retirement savings with "catch-up" contributions. In 2019, you may be able to contribute up to $25,000 to certain employer-sponsored retirement plans.4 Here are the full 2019 Contribution Limits. Calculate Your Future Try our wide variety of financial calculators, including the Retirement Readiness, Retirement Savings and Retirement Income calculators, to see if you're on track for a financially secure future. Check out all of our Retirement Calculators today.1 Stay on Course Regardless of volatility in the financial markets, stay focused on your future. Experience has shown that, over time, making sure you have a diversified asset allocation strategy that is regularly reviewed to ensure it is consistent with your time horizon and risk tolerance is the most prudent approach for retirement savings and investing. Get Personal One-on-One Assistance Our Participant Account Representatives are available to speak with you by phone or in person to discuss your retirement savings goals and objectives, answer questions about your retirement plan and help you assess your retirement readiness. Contact your local Mutual of America Regional Office representative today. 1 Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. 2 If annual compensation is less than the applicable limits shown, then the maximum contribution is limited to 100% of compensation. 3 If you contribute to a TDA, 403(b) Thrift and/or 401(k), the total amount contributed to all plans may not exceed $19,000 ($25,000 to all plans, if age 50 or older). 4 Tax-Deferred Annuity, 403(b), 401(k) and Governmental Section 457(b) Plans. Section 457(b) Eligible Deferred Compensation Plan participants can make a special catch-up contribution if they are within three years of their normal retirement age. 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.