Saving as a Recent Graduate

An infographic detailing retirement savings advice and information for recent graduates that shows a happy young woman with a cap and diploma. The first content block includes “Retirement by the Numbers”: 42% of people age 25-34 have estimated how much income they would need each month in retirement (source: 2021 RCS Fact Sheet #4 “Age Comparisons Among Workers.”). 67 is the normal retirement age for Social Security benefits for workers born in 1960 or later (source: Social Security Administration). The second content block includes “A Financial Overview”: 25% of people between the ages of 25 and 34 have less than $10,000 in savings and investments (source: 2021 RCS Fact Sheet #4 “Age Comparisons Among Workers”). 45 million Americans over the age of 18 currently carry a federal student loan (source: U.S. Department of Education “Federal Student Loan Portfolio.”). $4,889 is the average total credit card debt among millennials (source: Experian “Millennials vs. Baby Boomers: Who Has More Credit Cards?”). The third content block includes “Why Start Saving Now?” and suggests that the sooner you begin contributing, the more time contributions and tax-deferred compounding have to help you grow your retirement account. Also, making contributions to a traditional retirement plan lowers your current taxable income, so you’ll play less income tax (note: withdrawals are subject to income tax at your ordinary income tax rate at the time of withdrawal, and if made prior to age 59 1/2, there’s a 10% federal tax penalty). The fourth content block includes a quote from Cody Habben, a Participant Account Representative for Mutual of America, that says: “If you recently finished college or graduate school, paying off debt and saving for retirement doesn’t have to be an either/or issue.” The final content block invites you to learn more by connecting with your local Mutual of America representative and visiting the Mutual of America Resource Center for helpful retirement-related articles.

3 Things
to Know




In 2021, this is the maximum amount you can contribute to certain employer-sponsored
retirement plans.* See 2021 Contribution Limits.


*If you contribute to a TDA, 403(b) Thrift and/or 401(k), then generally the total amount contributed to all plans may not exceed $19,500 ($26,000, if age 50 or older). Exceptions apply to certain 403(b) plan participants and governmental 457(b) plan participants.



Asset Allocation


Periodically review your asset allocation—the mix of equity, fixed income and money market funds you choose in your retirement portfolio. 
By doing so, you can help ensure that your mix of investments continues to reflect your risk tolerance and long-term goals. Visit My Account.




Percentage of workers who have tried to calculate how much they’ll need to live comfortably in retirement.* Do you know how much you will need?


*2021 RCS Fact Sheet #3 “Preparing for Retirement in America.” Figure 4. EBRI/Greenwald Research. April 2021.

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Contact your Mutual of America representative today.

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 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.