Fine-Tuning the Vision
As retirement begins to come into view, it’s time to put saving for retirement into high gear and make any needed course adjustments to ensure a smooth transition into this next phase of your journey. To see how you can fine-tune your vision as you approach retirement, consider Steve Sutter’s story.
Steve Sutter is the third-generation owner of Sarasota, Florida-based Sutter Roofing, one of the oldest and largest roofing and sheet metal contractors in the U.S. To ensure the continued success of the business his grandfather started in 1902, Steve has been preparing for retirement by slowly transferring the reins to his two sons, Brad and Doug.
At the same time, Steve also has been focusing on creating a roadmap to help himself prepare financially for the inevitable twists and turns that lie ahead. One move that he made recently was to roll over retirement savings that he accumulated with another retirement services provider into his account in Sutter Roofing’s retirement plan with Mutual of America.
“Mutual of America has been our 401(k) provider since we transitioned from another provider in 2014,” said Steve. “We’ve been tremendously pleased with the performance of the investment funds they offer, including their target-date funds, so I didn’t hesitate to move my money into the plan. Having more of my retirement savings in one place will also make it easier for me to manage my assets, especially in a few years, when I’ll need to start taking required minimum distributions from my retirement accounts.”
The addition of Steve’s assets to his company’s plan provided another key benefit: Sutter Roofing’s 401(k) now has sufficient assets in their retirement plan at Mutual of America to qualify for lower asset-based charges on Mutual of America’s Separate Account investment funds, which translates into cost savings for every participant in the plan with money allocated to the investments.