July 1, 2021

Midyear Savings
Checkup

Five easy steps to consider taking regarding your retirement savings account for the second half of 2021.

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Summer is the perfect time for outdoor fun and road-trip adventures. With half the year in your rearview mirror, it’s also a good time to check in on your retirement account progress. Think of a midyear checkup as your GPS on your journey toward a more financially secure future. It can help you confirm that you’re on track toward reaching your retirement goals, identify any roadblocks and provide clear steps for moving forward. To get started, including understanding how your Mutual of America representative can help, consider these five steps.

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.
  1. Revisit your retirement roadmap. Before you get into a nuts-and-bolts review, reflect on your retirement goals. If you find that your needs or wants have shifted, now is a good time to make any required adjustments. Invite your spouse or partner (if you have one) to share their goals, and then write down any new goals you may have. Discussing your big-picture vision of retirement can help ensure you’re driving toward the future you want.
  2. Set your ETA for retirement. Revisit when you plan to stop working. Setting a timeline for retirement is crucial to determining how long you have to save—and how quickly you may need to “drive” your retirement plan forward. The shorter the time before you plan to stop working, the more you may need to set aside each month to meet your retirement goals.
  3. Check the gauge on your savings. Consider whether you’re saving enough to “go the distance” through retirement. You can visit My Account to view your current balance, recent financial transactions, personal rate of return and other information. Mutual of America also provides access to online Retirement Calculators that can help you determine what you need to reach your retirement goals.
  4. Run a diagnostic on your contributions. If you’re not as far along on your journey as you’d like to be, consider whether you’re maximizing the value of your retirement plan. This includes whether you’re taking full advantage of any employer-matching contribution that may be available and, if you’re age 50 or older, your allowable catch-up contributions. If you’re able, aim to increase your contributions by at least 1% each year until you reach the annual maximum limit ($19,500 in 2021; $26,000 if age 50 or older) to boost your savings further.
  5. Fine-tune your investments. Over time, your investing goals and objectives are likely to change. That’s why it’s important to periodically review your asset allocation. Your Mutual of America representative can help educate you about the investment funds available under your retirement plan as you seek to ensure that the mix of funds in your portfolio continues to reflect your individual circumstances, including your goals, time frame until retirement and risk tolerance.

To learn more about your retirement plan, contact your local Mutual of America representative today.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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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.