With so many things competing daily for our attention, taking some time to learn basic investment concepts probably doesn't rank high. But doing so can strengthen your knowledge base and help give you confidence to make sound choices for your financial future.
One 2018 survey revealed that just 17 percent of respondents felt "very confident" they will have enough money to live comfortably throughout retirement.1 Financial Literacy Month offers an excellent time to help you gain a better understanding of key financial concepts, including those that relate to saving for your retirement, such as risk tolerance, asset allocation and diversification, compound interest, employer match and catch-up contributions.
Here are just three tips to help you get started:
Consume Content, but Keep it Simple
It's easy to get overwhelmed by all the financial information available through social media, magazines, websites and TV. Instead, select a few favorites and spend time each month improving your financial education from these sources. Federal websites, such as FederalReserveEducation.org and MyMoney.gov, also provide insights about money and literacy, as well as budgeting worksheets and more. You can also access an extensive glossary of financial terms in the Retirement Center & Calculators section.
Crunch the Numbers, See Where You Are
Online calculators can help you to better understand where you're at with your retirement savings goals. Our suite of retirement calculators includes an Investment Questionnaire
, which contains seven straightforward questions designed to help you create a starting point for your investment strategy. And, all of our calculators include a list of definitions below each calculator that provides helpful explanations for each information field.2
Take Advantage of Our Personalized Service
Understanding the issues that impact your financial future is important. Mutual of America's Participant Account Representatives (PARs) are available to speak with you by phone or meet with you in person to answer your questions about the various financial concepts that relate to your retirement savings. They can also emphasize the value of saving for your future, and help you assess your retirement readiness as you plan for a financially secure retirement.
For more information, contact your local Mutual of America Regional Office representative today.
1 "2018 Retirement Confidence Survey," Employee Benefit Research Institute/Greenwald & Associates.2018.
2 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 concerning 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
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.