January 6, 2022

Your Financial To-Do List:

Utilize Your Resources

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CONNECT WITH US
Regardless of your age, planning for your retirement can feel challenging. Our salaried Participant Account Representatives (PARs) are available to meet with you one-on-one to answer your questions about your retirement plan, discuss the value of saving for your future, and help you assess your retirement readiness as you plan for a financially secure retirement. Contact your local Mutual of America representative today.

TRY OUR CALCULATORS
Our easy-to-use Retirement Calculators can help you determine how much you may need to save to meet your needs and income goals in retirement. The Retirement Savings Calculator allows you to see how much money you can potentially accumulate until the year you retire. And the Retirement Income Calculator can help determine how much monthly income your retirement savings may provide you with in retirement.

CHECK SOCIAL SECURITY
Social Security will likely play an important role in helping you to meet your income needs in retirement. Make sure you understand how your benefits (and those of your spouse, if any) can grow depending on how long you work and when you decide to retire. You can also find out how much you can expect to receive from Social Security by getting your current Social Security statement at ssa.gov/onlineservices.

TALK WITH YOUR BENEFITS DEPARTMENT
Meet with your Benefits department to explore how the timing of your retirement may impact your pension and/or defined contribution benefits, as well as your healthcare coverage. You may also want to discuss your options for receiving your retirement savings. Keep in mind that Mutual of America’s Electronic Funds Transfer (EFT) service provides an easy way for retirees to receive their monthly payments electronically.

DEVELOP A REALISTIC BUDGET
Use a worksheet to keep track of how much you have coming in each month (e.g., paycheck, other income) and how much is going out (e.g., bills, mortgage payments, groceries, entertainment). The U.S. government provides links to free budgeting worksheets on its financial literacy website, mymoney.gov. Once you know how you are spending your monthly income, you can try to reduce expenses while also considering ways to save more for your future.

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You should consider the investment objectives, risks, and charges and expenses of the investment funds and, if applicable, the variable annuity contract, carefully before investing. This and other information is contained in the funds’ prospectuses and summary prospectuses and the contract prospectus or brochure, if applicable, which can be obtained by calling 800.468.3785 or visiting mutualofamerica.com. Read them carefully before investing.

 

The articles and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. Consult your attorney, accountant or financial or tax adviser with regard to your individual situation.