September 20, 2023
How to Create Your
End-of-Year Retirement Checklist
With Thanksgiving coming up and the holiday season around the corner, planning for retirement might be the last thing on your mind. But it’s worthwhile to use the last couple months of the year to look ahead at your financial goals and create a retirement to-do list for 2024. To help make the most of your financial situation in the new year, think about how to optimize your long-term retirement strategy while ensuring you can meet your near-term spending needs.
1. Compare your retirement savings goals against your asset allocation and adjust where needed.
It’s smart to review your retirement plan to see if your asset allocation still accurately reflects your age, risk tolerance, expected retirement date, and lifestyle. Not sure what makes the most sense for you? Mutual of America’s Investment Questionnaire* can help you as you determine the allocation strategy that best suits your unique goals and preferences.
2. Set your 2024 budget and plan for an emergency fund.
Part of preparing for retirement includes taking care of your other financial needs, too. As you think about your annual budget, develop a plan for an emergency fund that can cover any unexpected expenses. With funds you can rely on for a rainy day, you can better avoid racking up credit card debt or taking an early withdrawal from your retirement plan. You can check out this infographic for tips on building (or adding to) an emergency fund.
3. Review your per-paycheck retirement contribution amounts and increase them, if possible.
It might feel challenging in the short term, but increasing how much you contribute to your retirement account now can help you grow your savings in the longer term—even when you boost your contributions by just a small percentage. Before starting the new year, review the new retirement plan contribution limits for 2024 and consider upping your contributions if you can.
4. Check in on your employer match (if applicable) and see if you can max it out.
Depending on your company’s retirement plan, you may be eligible for an employer match, which means your company will match a certain percentage of your regular contributions. Double-check your company’s plan to see if you’re contributing enough per paycheck to max out your employer match.
5. Ensure your beneficiaries are listed and up to date.
You can take control of your legacy by proactively listing your beneficiaries to ensure any funds go to your intended recipients if something should happen to you. You can download a Beneficiary Designation Form directly through your Mutual of America My Account.
If you have questions about your retirement account or want to learn more about saving for your future, please contact your local Mutual of America representative.
*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.