September 20, 2023

Finish the Year Strong:
Strive to Meet Your 2023 Retirement Savings Goals

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With 2024 inching closer, now is a good time to check in on the goals you set back in January and to take stock of how you’re tracking against them. If you haven’t achieved your retirement savings goals for 2023 yet, don’t despair! Remember, saving for retirement is a long-term journey, so whether your retirement is on the horizon or decades away, there are still many small steps you can take before we ring in the new year—and afterward—to stay on track with your long-term goals for retirement.

Increase your per-paycheck retirement contributions

  • Consider bumping up your per-paycheck contributions for the last few paychecks of the year to bring you closer to your retirement goals.

Take advantage of catch-up contributions

  • There are still a few paychecks left, so if you’re age 50 or older the contribution limit for 2023 is $22,500 for employee contributions to your 401(k) or 403(b) retirement plan.

Revisit your asset allocation

  • Quiz yourself with our Investment Questionnaire, which can help determine a potential asset class mix that corresponds with your investment objectives and tolerance for risk, going forward. From there, you may want to review and update your portfolio allocations accordingly ahead of 2024.*

Consolidate retirement assets from old employer(s)

  • Take the first steps today to begin the process of rolling over your assets from your qualified retirement plan(s) to a Mutual of America Rollover IRA, a variable annuity contract. Before making a transfer, it’s important to review any fees and expenses associated with your current account(s), and if there are any surrender charges that may result, to ensure it’s in your best interest to roll over these accounts to an IRA.

Learn more about your retirement plan

  • It’s not too late! You still have time to schedule a meeting with your local Mutual of America representative. They can discuss with you how to get your retirement savings back on track, if needed, or help you plan for 2024 and beyond.

Mutual of America’s group and individual retirement products that are variable annuity contracts 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 options 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 consider a variable annuity contract’s other features before making a decision.

*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.

Related Content

An article outlining five easy steps you can take to review and enhance your retirement savings that shows a smiling middle-aged couple in their kitchen. The steps include: 1) Revisiting your retirement roadmap, reflecting on your retirement goals and discussing your big-picture retirement vision; 2) Setting your ETA for retirement by revisiting your timeline and possibly setting aside more money each month to reach your goals; 3) Checking the gauge on your savings by visiting your Mutual of America account or using Mutual of America’s online retirement calculators to make sure you’re saving enough; 4) Running a diagnostic on your contributions to ensure you’re maximizing your retirement plan’s value, including whether you’re taking advantage of available employer-matched contributions or participating in catch-up contribution if you’re 50 or older; 5) Fine tuning your investments by reviewing your asset allocation to make sure the mix of funds still aligns with your retirement goals. If you’d like to learn more about your retirement plan, contacting your local Mutual of America representative is encouraged.
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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.