Your Financial To-Do List: Build Your Savings

Take care of your financial future. Check off items on this list that apply to you.

If possible, max out your contribution to your retirement plan. In 2019, the maximum amount you can contribute to certain employer-sponsored retirement plans is $19,000 (if you're 50 or older, you may be able to contribute up to $25,000). Here are the 2019 Contribution Limits.

If you're age 50 and older and maxed out your retirement plan contributions for 2019, you may be able to boost your retirement savings with "catch-up" contributions. Assuming your employer permits them, catch-up contributions enable you to defer additional amounts above the annual contribution limit for your plan. For example, in 2019 individuals are allowed to contribute up to $19,000 to certain employer-sponsored retirement accounts; however, you may be able to contribute an extra $6,000, for a total of $25,000. Here are the 2019 Contribution Limits.

Did you select a percentage of your salary to contribute to your company's retirement plan when you first started working? If so, consider increasing your contribution rate. Even a percentage point or two increase can make a significant difference over time without putting too much of a dent in your day-to-day finances. Find out how much the value of your savings can grow by increasing your contributions.

Take full advantage of any employer match if your retirement plan offers one. This means that your employer will match a certain percentage of your contributions, up to a specific level of your salary – for example, 50% of contributions up to 6% of your salary. That's like getting a raise just for saving for retirement. Over time, this can provide a substantial addition to your retirement assets. Check with your Human Resources or Benefits department to learn if your plan offers an employer match.

No one plans to get into a fender bender or have the key to their front door break inside the lock. But you should plan for unexpected moments like these. That's why it's important to build a savings cushion that you can easily turn to in case you need funds for an emergency. Here's one way to start now and accumulate more than $350 in six months and nearly $1,400 in a year.

Even if you're not eligible to participate in your employer-sponsored retirement plan, you can still sock away up to $6,000 ($7,000, if you're 50 or older) in an Individual Retirement Account (IRA). Here are the full 2019 Contribution Limits. If you don't have an IRA, consider taking advantage of tax-deferred saving with a Mutual of America Traditional IRA, a variable annuity contract.

If you're age 50 and older and have maxed out your Traditional IRA or Roth IRA contribution for 2019, you also can increase your retirement savings by contributing an extra $1,000 above the $6,000 limit for 2019. Here are the full 2019 Contribution Limits.

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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