Save for Retirement with Confidence

Five steps women can take to help boost their financial security in retirement.

Today, women are the sole or primary breadwinners in 4 of 10 U.S. households with children.1 They're also better educated than ever before, earning college degrees in greater numbers than men.2 So why do women feel less confident than men about their ability to save enough for retirement?3

Women face certain financial headwinds that can make it difficult for them to save sufficiently for the future. For example, they have longer life expectancies. They also generally earn less, on average, than men over the course of their careers.4 Although 401(k) plans are now required to include long-term, part-time workers as a result of the SECURE Act, many women haven’t had access to a retirement plan at work.

But even with these and other challenges, there are proactive steps women (and, for that matter, men) can take to boost their retirement prospects and gain ground. Here are five steps:

1. Set your sights. Think about the kind of retirement you want, and start setting some goals. Identify the age at which you would like to retire, where you would like to retire, whether you plan on downsizing your residence or staying put, and how much money you will need to have the life you envision.

2. Put yourself first. Women often place other saving and spending needs ahead of their own retirement. No matter what you earn or how tight money may seem right now, consider contributing as much as you can to your retirement plan at work. That way, your money will have more time to grow and compound, free of taxes, for your future.

3. Get down to basics. Learn basic investing concepts, such as risk tolerance, time horizon, diversification and asset allocation. Reading about investing and retirement can strengthen your knowledge base and give you confidence to make sound choices for your future.

4. Maximize Social Security. Social Security will likely play an important role in helping you to meet your income needs in retirement. Make sure you understand how your benefits (and those of your spouse, if any) can grow, depending on how long you work and when you decide to retire.

5. Think big picture. Your retirement may last 25 years or more. An age-appropriate asset allocation may help you to keep pace with rising prices over time.

Take advantage of our personal, one-on-one assistance by contacting your local Mutual of America representative today.


Social Security Administration,


Pew Research,


"2020 Retirement Confidence Survey," Fact Sheet #5, Figure 6, Employee Benefit Research Institute/Greenwald & Associates, April 2020.


"The State of the Gender Pay Gap 2020," PayScale,

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 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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