A Spring-Cleaning Checklist for Your Finances

The season of spring cleaning is in full swing: time to clear out those cobwebs, spruce up that garden and make sure you’re getting the most out of your retirement savings. Even if you’ve followed a “set it and forget it” approach to your retirement savings, it’s useful to periodically review your asset allocations to make sure they continue to align with your savings needs and retirement time horizon. Start with this checklist:   

1. Are your investments balanced?
   Review your investment choices so you can decide whether they’re still the best match for your comfort with risk, your projected retirement age and your retirement income goals. Then consider what adjustments to make, if any.
2. Want to declutter your finances? 
   If you have retirement plan balances remaining in former employer-sponsored plans and/or multiple IRA accounts, and your current employer’s plan accepts rollovers, consider consolidating those accounts into your current retirement plan. With all your assets in one place, keeping track of your investments is that much easier.* 
3. Have any major changes happened in your life recently?
   Make sure your beneficiaries on your retirement plan are up to date. If you haven’t assigned one, now’s a good time to do so. If you have questions, your local Mutual of America representative can help.
4. Are you saving the maximum to your retirement plan? 
   If you’re not saving the maximum amount allowed, are you able to increase your contribution to get closer? The more you can put away now, the more savings you’ll potentially be able to grow over time for your retirement.  

^*Before making a transfer, you should review the accounts you have with other providers to determine the fees and expenses you currently pay and whether there are any surrender charges that may result and to ensure that it is in your best interest to transfer your other accounts to your current plan.