Resolutions You Can Stick To

Here are three ways to take action during 2021 when looking to save for a financially secure future.

With 2020 in the rearview mirror, there are many New Year’s resolutions individuals will make for a fresh start in 2021, like exercising regularly and eating well, to help get or stay on track with long-term personal goals. Resolving to save more and plan for a financially secure future, especially during challenging times, are just as important.

Whether you’re nearing retirement or still decades away, the beginning of each year is a great time to see where you are with your retirement savings and take action. If you’re concerned about how the ongoing pandemic, uncertainty in the financial markets and a new presidential administration might affect these resolutions, keep in mind that focusing on your long-term savings goals, rather than the news of the day, is crucial. Here are three resolutions to consider for the year ahead.

  1. Take full advantage of my employer match, if offered.
    An employer matching contribution is a valuable way to give your retirement savings a meaningful boost. If offered by your plan, your employer will contribute additional amounts to your account based on how much you choose to contribute from your salary, providing additional tax-deferred contributions on top of your regular contributions. If your company-sponsored retirement plan offers a match, take full advantage of it by contributing the maximum percentage that your employer will match annually.
     
  2. Increase my per-paycheck retirement contribution.
    When was the last time you increased the amount you contribute to your company’s retirement plan? If you set a specific percentage contribution when you first enrolled in your plan, chances are you’re still saving the same amount, even if your salary has increased. To combat this, consider increasing this percentage, even by just a small amount. Doing so can potentially make a significant difference in your retirement savings over the long term without significantly impacting your day-to-day finances.
     

    This hypothetical example is for illustrative purposes only and does not represent any actual investment performance, price or yield. This illustration assumes an individual starting at age 40 through age 65, a $40,000 salary and a $30,000 beginning balance, with no increase in earnings and an annual rate of return of 6%. Investment returns are not guaranteed, and your actual return may vary significantly from that shown.
     
     
  3. Consolidate my retirement savings accounts.
    Taking the time now to consolidate your multiple retirement accounts by rolling them into a single account with Mutual of America may prove beneficial for many reasons. Whether you have a prior retirement account from a former employer or an existing IRA at another financial institution, consolidating these may be able to help make managing your retirement savings more simple, efficient and cost-effective.

Finally, don’t forget the tools and resources available to help you stick to your resolutions—from helpful articles in our Resource Center to calculators and more in our Retirement Center. And you can always contact your local Mutual of America representative to review your account and get answers to questions you may have. Happy 2021!


You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 1-800-468-3785 or visiting mutualofamerica.com. Read them carefully before investing.

Mutual of America's group and individual retirement products are variable annuity contracts and are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment options you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should consider a variable annuity contract's other features before making a decision.




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