Look Ahead This
National Retirement Security Month

Planning for a financially secure future is a year-round job. But October is National Retirement Security Month, which makes it a particularly good time to check on your retirement savings and take positive steps to meet your goals. While retirement may not be top of mind as you’re juggling your regular expenses—rent or a mortgage, groceries, car payments—remember that building up a nest egg now will help you afford these same expenses in retirement. Here are some other things to keep in mind:

• Contribute, contribute, contribute. If you haven’t already done so, and your employer’s plan accepts salary reduction contributions, one of the best and simplest ways to save for retirement is to set up regular, automatic contributions to your employer’s retirement plan. Because the money is taken automatically from your paycheck, you won’t see the amount in your bank account and feel tempted to spend it elsewhere. 
• Increase your contributions when you can. Got a raise or moved to a new area where the cost of living is lower?When possible, increase your retirement contributions (if your employer accepts salary reduction contributions). Even a small increase can have a significant impact on your savings over time. Your future self will thank you.
• Take advantage of any employer match. If your employer matches part or all of your contributions, try to reach the maximum match. An employer match is free money, so don’t give it up if you can afford not to.
• Remember that retirement isn’t one-size-fits-all. Whether your retirement is 10, 20 or 30 years away, your financial future is uniquely yours. When planning for retirement, you should consider your circumstances, needs and goals. You can utilize Mutual of America’s Retirement Income Calculator to help you determine how much monthly income your retirement savings may provide you in your retirement*.

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.