National Retirement Security Month: Your Guide to Financial Wellness

Planning for a financially secure future is a year-round job. But October is National Retirement Security Month, which makes it a particularly good time to check on your retirement savings and take positive steps to meet your goals.

While retirement may not be top of mind as you’re juggling your everyday expenses—rent or a mortgage, groceries or car payments—remember that building up a nest egg now will help you afford these same expenses in retirement. Here are some other things to keep in mind:

• Start Saving Early: Saving as early as you can is important for preparing for retirement, but having a financial strategy is just as essential. It doesn’t need to be complex; it can be as simple as increasing your contributions to help your savings grow over time.
  • If your employer’s plan accepts salary reduction contributions, one of the best ways to save is by setting up automatic contributions. Since the money is taken directly from your paycheck, you won’t see it in your bank account or be tempted to spend it elsewhere.
• Strengthen Your Financial Literacy: Retirement planning can feel overwhelming, especially when you’re also trying to understand new concepts filled with financial jargon. However, taking the time to learn the building blocks that influence how you save can play a pivotal role in your long-term success.
  • Check out our Learning Center for articles and videos that translate complex topics into accessible insights. You’ll find resources on investing, budgeting, Roth vs. traditional contributions, diversification, market volatility, compounding and other key concepts that support your financial literacy.
• Leverage Retirement Planning Tools: Whether your retirement is 10, 20 or 40 years away, your financial future is uniquely yours. When planning, consider your circumstances, needs and goals.
  • Mutual of America offers a variety of interactive calculators to help you estimate monthly retirement income, assess your retirement readiness, understand how contributions affect your paycheck and more.*
• Create an Online Account: If you haven’t already, set up your retirement account online. This will help protect your account from potential fraud and bad actors. Be sure to use strong, unique passwords or a trusted password manager.

Steven Ortiz is Vice President of National Accounts at Mutual of America. If you have questions about your retirement account or want to learn more about saving for your future, please contact Steven Ortiz: [email protected].

*Information and interactive calculators are made available as self-help tools for independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to individual circumstances. All examples are hypothetical and are for illustrative purposes only. We encourage individuals to seek personalized advice from qualified professionals regarding all personal finance issues.

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.