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.

3 Quick TipsQuick Tips

For Savers Nearing Retirement

  1. Sharpen your vision for retirement and calculate your retirement income needs.

  2. Take advantage of catch-up contributions to boost your savings.

  3. Develop a Social Security and retirement-date strategy.

Steve recognizes that the transition into retirement takes careful preparation, which is one more reason that he’s pleased to have Mutual of America’s Tampa Bay Regional Office working with him. “They are incredibly responsive. Whenever I have a question or an issue, I can pick up the phone, call Participant Account Executive Paul Schobert, and get immediate help.”

According to Steve, that client-first approach helped to win over some skeptical employees who felt that a new provider would not understand their needs. “Forty percent of our employees are Latino. Mutual of America comes to our enrollment and participant education meetings with knowledgeable individuals who are bilingual and culturally aware. The one-on-one attention they provide helped to make the onboarding process especially smooth. More importantly, it has created new excitement and appreciation for our retirement plan across all segments of our workforce.”

Having more of my retirement savings in one place will make it easier for me to manage my assets in retirement.”

– Stephen Sutter

As Steve reflects on his career and the connections he’s made along the way, he’ll tell you that it was his problem-solving approach to business and the trust that he built with customers that played a big factor in his success. He sees the same can-do approach in how Mutual of America does business.

“Paul attends our monthly team meetings. His steady presence has gone a long way to building confidence in Mutual of America and the tools and resources they provide. Employees who might have ignored our retirement plan in the past now actively participate, recognizing that the plan offers something for everyone, no matter where they come from or what stage of life they’re in.”