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What's Stopping You from Saving?

Find out what you may be able to do to overcome familiar obstacles to saving for your future.

If you've put saving for your future on the back burner or you're not saving all that you'd like to, what's holding you back? If any of the statements below sound familiar, see what you can do to change course and work toward financial well-being down the road.

I have plenty of time to get started.
It's hard to think about retirement if it's decades away and there's so much you want to do with your money between now and then. But the earlier you start saving, the less you'll need to contribute over time. For example, a 25-year-old with no retirement savings who earns $35,000 and contributes six-percent into a retirement plan at work could have $335,469 at age 65, assuming a six-percent annual rate of return. And that doesn't include raises, increased contributions or possible employer matching contributions. If that same person waits until age 35 to begin saving, the same contributions will only grow to $171,370.*

I don't make enough money to save.
When you're fresh out of college, you may feel like you don't have a dollar to spare. But now is the time to make saving a habit. Start by contributing what you can to your retirement plan and work your way up over time. If your company offers an employer match, take advantage of it. Then, when you get a raise or bonus, add that money to your retirement savings. See our Retirement Savings Calculator.

It's too late to get started.
Not so. As long as you're eligible to contribute to a retirement plan, set aside as much as you're able. And once you turn 50, you can contribute even more each year through "catch-up" contributions. Check out the 2022 Contribution Limits.

I need to pay off what I owe first.
Paying down your debt, such as student loans or a mortgage, is important, but it shouldn't come at the expense of saving for future goals like retirement. Even if you need to start small, participating in your workplace retirement plan can help build financial security for the life you envision for the future.

To learn more about preparing for a financially secure future, please contact us.


*This hypothetical example is for illustrative purposes only and does not represent any actual investment performance, price or yield. Investment returns are not guaranteed. Your actual return may vary significantly from that shown, and the total amounts saved in this example may or may not be sufficient for your retirement needs.

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You should consider the investment objectives, risks, and charges and expenses of the investment funds and, if applicable, the variable annuity contract, carefully before investing. This and other information is contained in the funds' prospectuses and summary prospectuses and the contract prospectus or brochure, if applicable, which can be obtained by calling 800.468.3785 or visiting mutualofamerica.com. Read them carefully before investing.


Mutual of America's group and individual retirement products that are variable annuity contracts 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.