October 3, 2022
Can You See the Finish Line?
It’s never too late to save for retirement and assess your strategy for building a financially secure future. While there’s no magic formula, there are several factors such as your age, life expectancy, current income, and what type of lifestyle you’d like to have during retirement that make a difference. Keep your long-term goals in mind and your eyes on the prize: the type of retirement that suits your unique needs. Think about:
What you have saved so far.
Now is a good time to check on how much you currently have saved for retirement. You can do so by heading to your Mutual of America My Account, where you’ll be able to view your balance. Then, you should calculate how much money you have in additional retirement accounts from any prior employers. (You might also consider consolidating those assets into your Mutual of America account.)1
Catch-up contributions.
If you’re age 50 or older, and eligible, you could boost your retirement savings with catch-up contributions, which means you can begin contributing more each year to company and individual retirement plans. For 2022, you can contribute a maximum of $27,000 (including catch-up contributions) to an employer-sponsored plan. The IRA maximum contribution limit is $7,000 (including catch-up contributions) between traditional and Roth IRA accounts. You can see a more detailed contribution limit breakdown here.
How your portfolio is currently allocated.
Review how your retirement savings are allocated to make sure you have the asset allocation that’s right for you—one that reflects your goals, objectives, needs and time horizon. Remember you can also try to protect your account from market volatility by having a diverse mix of savings and investment options in your portfolio—such as bonds, stocks, and cash equivalents. If you’re unsure of what the right mix is, you can use Mutual of America’s Investment Questionnaire to help determine a potential mix of investments that aligns with your risk tolerance and investment experience.2
If you have questions about building a financially secure future, please contact your local Mutual of America representative.
1 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.
2 Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage individuals to seek personalized advice from qualified professionals regarding all personal finance issues.